Economic policy of the Joe Biden administration

|  |

This article is part of
a series about

Joe Biden

|

* * *

Personal

* Early life and career
* Eponyms
* Family
* Honors
* Presidential library
* Public image
* Age and health concerns
* SNL parodies
* The Onion parody
* Bibliography
* Post-presidency

* * *

U.S. Senator from Delaware

* U.S. Senate career
* Judiciary Committee
* Bork hearings
* Thomas hearings
* 1994 Crime Bill
* Violence Against Women Act
* Foreign Relations Committee
* Elections
* 1972
* 1978
* 1984
* 1990
* 1996
* 2002
* 2008

* * *

47th Vice President of the United States

* Transition
* Tenure
* Obama administration
* Inaugurations
* first
* second
* Economic policy
* Great Recession response
* 2010 Tax Relief Act
* 2011 debt-ceiling crisis
* fiscal cliff
* Foreign policy
* Task forces
* Gun Violence
* Protect Students from Sexual Assault
* "Buy a shotgun"

* * *

Vice presidential campaigns

* 2008
* election
* selection
* convention
* debates
* 2012
* election
* convention
* debates

* * *

46th President of the United States

* Presidency
* timeline
* Transition
* COVID-19 Advisory Board
* Inauguration
* Efforts to impeach
* inquiry

* * *

Tenure

* First 100 days
* Executive actions
* proclamations
* Trips
* foreign
* '21
* '22
* '23
* '24–'25
* Geneva summit
* COVID-19 pandemic
* Afghanistan withdrawal
* Classified documents incident
* 2023 debt-ceiling crisis

* * *

Policies

* COVID-19
* WH Response Team
* Economy
* ARP
* IIJA
* IRA
* Electoral/ethics
* Environment
* Foreign policy
* AUKUS
* Camp David Principles
* IPEF
* War in Ukraine
* War in Israel
* Immigration
* border crisis
* Social issues
* guns
* cannabis
* marriage

* * *

Appointments

* Cabinet
* Ambassadors
* Federal judges
* Jackson
* Supreme Court candidates
* Executive Office
* U.S. attorneys

* * *

Presidential campaigns

* 1988
* primaries
* 2008
* primaries
* 2020
* primaries
* election
* sexual assault allegation
* Ukraine conspiracy theory
* convention
* debates
* endorsements
* VP selection
* 2024
* primaries
* debate
* endorsements
* opposition
* withdrawal

* * *

* v
* t
* e

The economic policy of the Joe Biden administration, colloquially known as Bidenomics (a portmanteau of Biden and economics), is characterized by relief measures and vaccination efforts to address the COVID-19 pandemic, investments in infrastructure, and strengthening the social safety net, funded by tax increases on higher-income individuals and corporations. Other goals include increasing the national minimum wage and expanding worker training, narrowing income inequality, expanding access to affordable healthcare, and forgiveness of student loan debt.[1] The March 2021 enactment of the American Rescue Plan to provide relief from the economic impact of the COVID-19 pandemic was the first major element of the policy. Biden's Infrastructure Investment and Jobs Act was signed into law in November 2021 and contains about $550 billion in additional investment, to repair infrastructure like roads, bridges and water pipes and expand passenger rail and broadband. Biden signed two additional major pieces of longer-term economic legislation to boost semiconductor investments and public basic research, and expand green energy and health insurance subsidies.[2]

The first year of the Biden presidency (2021) saw strong growth in real GDP, wages, employment, stock market returns, and household net worth, coupled with an increase in inflation, as the economy recovered from the pandemic recession of 2020. During 2022–2023, the unemployment rate averaged 3.6%. By April 2024, the unemployment rate had remained below 4.0% for the longest sustained period since 1953.[3][4] Monthly job creation averaged a robust 402,000 from inauguration through February 2024, or 273,000 from June 2022, when the pre-pandemic jobs level was regained.[5] However, past this point unemployment continued to increase to 4.3% in July 2024.[3] Inflation increased up to 9.0% (measured vs. a year earlier) in June 2022, then began falling. By June 2023 inflation was 3.1% and remained around that level through June 2024. As of November 2024, the inflation rate was 2.7%, with rent price increases contributing roughly half.[2] While inflation was similar to peer countries, the U.S. has outgrown its peers.[2] The Federal Reserve rapidly raised a key interest rate from March 2022 until August 2023, and is expected to lower interest rates in the second half of 2024.[6] The stock market repeatedly broke record highs in 2024.[7]

The New Republic praised Biden's economic record in July 2024, highlighting how record low unemployment led to wage growth at the lower half of the distribution. In October 2024, 35% of households with incomes below $50,000 a year were living paycheck to paycheck, up from 32% in 2019.[8] The expansion of the Affordable Care Act, the child tax credit, $1400 stimulus checks, and the expansion of SNAP benefits also boosted balance sheets for low and middle-income Americans.[2] New business formation is also up 30% from pre-pandemic levels, and notably strong among women including women of color.[2] Biden took antitrust law enforcement more seriously than presidents in recent memory, as seen by the work of Lina Khan at the FTC.[2] The administration also pursued lower drug prices by allowing Medicare to negotiate the prices it pays and capping the price of insulin.[2]

Surveys have also found most Americans view their own economic situation positively and rate their local and state economies as doing better than the national economy,[9] hinting at a disconnect fueled more by media narrative.[2] For example, a March 2024 CBS News poll found that 65% of Americans viewed the economy under Biden's predecessor (and eventual successor), Donald Trump, as good, whereas only 38% expressed a similar positive opinion of the current economy under Biden.[10]

## Overview

[edit]

President Biden described his economic philosophy via Twitter in June 2023: "Bidenomics is about growing the economy from the middle out and the bottom up, not the top down. It's an economic vision where we make smart investments in America, educate and empower American workers, and promote competition to lower costs and help small businesses."[11]

### 2021

[edit]

President Biden inherited a challenging economic and budgetary situation from President Donald Trump, due significantly to the COVID-19 pandemic. As of December 2020, the jobs level was nearly 10 million (6%) below the early 2020 peak, and the unemployment rate was an elevated 6.7%.[12] There was a record budget deficit in fiscal year 2020 of $3.1 trillion, or 14.9% GDP.[13]

Biden's first major legislative response was the American Rescue Plan Act enacted in March 2021, a $1.9 trillion package that included $1,400 checks per adult, an expanded child tax credit for a year with $250–300 monthly checks per child expected to drastically reduce child poverty, extended unemployment benefits, and expanded eligibility for healthcare benefits, among others. The primary impact was in fiscal year (FY) 2021, with a smaller impact in FY 2022. No Republicans in the House of Representatives or the Senate voted for the Rescue Act.

Biden followed-up with the Infrastructure Investment and Jobs Act, signed into law in November 2021. It authorized infrastructure investment of $1 trillion total over a decade for roads, bridges, airports, sea ports, rail, broadband, water, and public transit, among others. CBO estimated the deficit impact at $250 billion total, as they considered prior infrastructure investment trends as a baseline for comparison. The law passed the Senate in bi-partisan fashion, 69–30.[14]

Real GDP grew 5.9% during Biden's first year, the fastest rate since 1984.[15][16] Amid record job creation, the unemployment rate fell at the fastest pace on record during Biden's first year, from 6.4% in January 2021 to 3.9% by December 2021.[17][18] However, inflation significantly increased in 2021 relative to 2020 in the U.S. and Europe, attributed to factors such as strong consumer demand for goods (empowered by government relief programs), supply restrictions in port capacity and microchips, and lower 2020 prices.[19][20]

Inflation was partially offset by strong wage growth; by one measure, worker wages and benefits increased at the fastest rate in at least 20 years.[21][22] The administration noted that high inflation was also present in the Eurozone, Canada and the United Kingdom, though economists said the $5 trillion in government stimulus spending in the United States during 2020 and 2021 was disproportionately large compared to that of other countries and was a significant contributor to domestic inflation.[23]

Despite the pandemic and inflation challenges, Bloomberg News reported in November 2021 that the S&P 500 stock market return of 37.4% in Biden's first year (measured from election day) was the highest of any modern president.[24] The stock market gains and significant housing price increases contributed to record household net worth of $142 trillion by Q4 2021.[25]

The budget deficit in fiscal year (FY) 2021, the last year budgeted by President Trump, was $2.8 trillion, down from $3.1 trillion in FY 2020.[25]

### 2022

[edit]

Inflation rate, United States and eurozone, January 2018 through June 2023

A global inflation surge that began in 2021 and peaked in June 2022 before declining through 2023 and into 2024.

The unemployment rate averaged 3.6% in 2022, the lowest since 1969.[26] The number of persons working regained the pre-pandemic peak in June 2022 after revisions, and continued to set records monthly thereafter, reaching 154.5 million by December 2022, with monthly job creation averaging a robust 400,000.[27]

In July 2022, The Wall Street Journal reported that "Household finances are as strong as they've been in decades, thanks to money saved during the pandemic, debt paid off over the past decade and a strong job market." As of Q1 2022, households had also accumulated $5 trillion more in deposit, savings and money market accounts than pre-pandemic. However, some measures of consumer sentiment indicated near record low satisfaction with the economy, mainly due to inflation.[28]

Biden said in May 2022 that "Bringing down the deficit is one way to ease inflationary pressures in an economy." The budget deficit fell by $350 billion in FY 2021. It fell by $1.4 trillion in FY 2022, about 50%, or $1.8 trillion (66%) excluding student loan forgiveness of $425 billion, which CBO had scored as spending but later was blocked by court rulings.[29]

During July 2022, there was much media discussion regarding whether the U.S. had entered a recession, despite a strong labor market with low unemployment and robust job creation.[30] The real (inflation-adjusted) GDP level fell slightly during Q1 and Q2 2022, but then rebounded in Q3 2022 to surpass the previous record level set in Q4 2021.[31] Some countries use two negative quarters as the definition of a recession. However, the National Bureau of Economic Research (NBER) is the organization that declares an economic peak and starting point of recessions in the U.S.[clarification needed][citation needed] They reference six key measures in their analyses.[32] All six measures increased from December 2021 to November 2022, signs of growth rather than recession.[33] Predictions of an imminent recession continued through 2023, but by October indicators showed economic acceleration and analysts revised their economic forecasts upward; a Wall Street Journal survey of economists that month found a recession was not foreseen in the coming twelve months.[34]

During August 2022, Biden signed into law the CHIPS and Science Act and Inflation Reduction Act.

Concerns regarding inflation resulted in the Federal Reserve raising interest rates significantly during 2022, to slow the economy, specifically the "very strong" labor market. Strong household financial positions, rapid wage growth, low unemployment, and a record ratio of open jobs to unemployed were cited by Fed officials as key inflationary concerns. The December 2022 Fed forecast projected an increase in unemployment from 3.7% in November 2022 to 4.6% by the end of 2023, with the Fed driving unemployment higher through raising interest rates and other measures.[35]

The number of persons without health insurance under age 65 fell from 31.2 million in 2020 under President Trump, to 27.0 million during the first half of 2022 under President Biden, a reduction of 3.2 million or 13%. The percentage of uninsured fell from 11.5% to 9.9% during that time. Both the number and % were record lows for data back to 1997.[36]

### 2023

[edit]

Average unemployment rate and real (inflation-adjusted) hourly wages by U.S. president, LBJ to Biden. As of August 2024, Biden had the best average readings for both measures among these presidents.

Widespread predictions of the economy entering a recession in 2023 proved unfounded.[37] Real gross domestic product grew 2.5% in 2023, significantly outpacing growth in all other G7 nations.[38][39][40] Real GDP growth averaged a robust 3.4% during the first three years of the Biden presidency.[41]

The labor market was strong in 2023. The unemployment rate averaged a very low 3.6% in 2023, as it had in 2022; the last year with an average 3.5% unemployment rate was 1969.[26] The number of persons with jobs continued setting records monthly as it had since June 2022 when the pre-pandemic peak was regained, reaching 157.3 million in December 2023. An average of 251,000 jobs per month were added in 2023, a total of 3.0 million.[27]

Wage gains exceeded inflation in 2023, with real (inflation-adjusted) hourly earnings for all employees increasing 0.8% from December 2022 to December 2023.[42] The inflation rate measured vs. one year earlier was 6.4% in January 2023 and 3.1% in December as the inflation rate slowed.[43] Census data released in January 2024 showed that record-high new business applications were filed in 2023, the third consecutive annual record high.[44]

CBO reported the budget deficit increased from $1,376 billion (5.4% GDP) in fiscal year (FY) 2022 to $1,695 billion (6.3% GDP) in FY 2023, an increase of $319 billion or 23%.[45]

During May, Republicans threatened to not raise the U.S. debt ceiling, risking a possible debt default. President Biden signed the Fiscal Responsibility Act of 2023 on June 3, 2023, to avert a potential crisis. The law restricts some spending for two years, imposes new work requirements on older Americans receiving food aid, and reduces barriers to some infrastructure and energy projects.[46]

With Republicans in control of the House of Representatives, no significant economic legislation was passed. Only 27 bills were signed into law during 2023, the least since the Great Depression.[47]

In 2023, the administration also pursued lower drug prices by allowing Medicare to negotiate the prices it pays and capping the price of insulin.[2]

### 2024

[edit]

In 2024, the number of persons with jobs continued setting records monthly, reaching 159.3 million in November, about 7.0 million jobs above the pre-pandemic peak, which had been regained in June 2022.[5] The unemployment rate increased from 3.7% in January to 4.2% in November.[3] The stock market (S&P 500 Index) increased 29% from December 2023 to November 2024, using monthly average levels.[48] Real (inflation-adjusted) hourly wages increased from $30.29 in January to $30.57 in November, among the highest readings for data back to 1964, indicating robust purchasing power despite inflation in 2021-2022.[49]

For data through November 2024, President Biden on average had the lowest unemployment rate (4.12%) and highest real hourly wages for production & non-supervisory workers ($30.11) among presidents back to 1964.[49][3]

In 2024, Biden pushed to limit junk fees through the FTC, FCC and CFPB.[50] Biden has taken antitrust more seriously than presidents in recent memory, as seen by the work of Lina Khan at the FTC,[2] a historic court victory against Google's search monopoly, and a lawsuit to break-up Live Nation and Ticketmaster.[50]

In February 2024, the total federal government debt grew to $34.4 trillion after having grown by approximately $1 trillion in both of two separate 100-day periods since the previous June.[51] However, the ratio of debt held by the public to GDP fell from 97.1% in Q1 2021 when Biden started to 95.2% in Q2 2024, as growth outpaced debt increases.[52]

In August 2024, the DOJ filed an anti-trust lawsuit against RealPage alleging that it was allowing landlords across the United States to engage in price fixing.[53][54][55]

## Key legislation

[edit]

### American Rescue Plan Act

[edit]

Main article: American Rescue Plan Act of 2021

American Rescue Plan Act of 2021 – Infographic

Biden's $1.9 trillion relief package, the American Rescue Plan Act, was signed into law in March 2021. Many observers identified it to be the largest social welfare initiative undertaken by the federal government in decades, and economists predict low income households will benefit the most from the plan.[56] Analysts also predict that the adult poverty rate could be cut by a quarter, and the child poverty rate cut by half as a result of its passage.[57]

The key elements of the Rescue Act include:

* $1,400 direct payments to individuals earning up to $75,000 a year;
* Extending expanded unemployment benefits through the end of September 2021;
* Increased the value and expanded eligibility for the child tax credit; to $3,600 per child under age 6 and $3,000 per child ages 6–17, up from $2,000. An estimated 39 million families with children will receive the additional benefits. Payments are scheduled monthly for July to December 2021, with the remaining six months of benefits due when the tax return is filed for 2021. The credit was changed from non-refundable to refundable, meaning those with low income who previously didn't have sufficient tax liability to receive the credit, will now receive the payment. This is a one-year program, that the administration hopes to make permanent.[58]
* $130 billion to primary and secondary schools;
* $45 billion in rental, mortgage, and utility assistance;
* Billions for small businesses;
* $14 billion for a national vaccine program, including preparation of community vaccination centers;
* $350 billion to help state, local, and tribal governments bridge budget shortfalls.[59]

The Tax Policy Center reported that the law would cut taxes by an average of $3,000 per household and raise after-tax incomes by an average of 3.8% in 2021, with 70% of the benefit going to lower- and middle-income households. This is in sharp contrast to the Tax Cuts and Jobs Act, in which half of the benefits went to the top 5% highest income households.[60]

### Infrastructure Investment and Jobs Act

[edit]

Investment categories ($ billion) in the Infrastructure Investment and Jobs Act of 2021, adding to about $550 billion.[14]

The Infrastructure Investment and Jobs Act is a key pillar in Biden's American Jobs Plan. It passed the House and Senate and was signed into law on November 15, 2021. While referred to as the $1 trillion infrastructure plan, it includes $550 billion in additional spending beyond previous legislation and was scored by the CBO to add about $250 billion to the deficit over a decade. It includes investments for: Roads and bridges ($110B), power infrastructure ($73B), passenger and freight rail ($66B), broadband ($65B), clean drinking water ($55B), western water storage ($50B), public transit ($39B), Airports ($25B), water & soil purification ($21B), ports ($17B), electric vehicles ($15B) and transportation safety programs ($11B).[14] As of September 2024, over 60,000 projects funded by the law were underway across the U.S.[61]

### CHIPS and Science Act

[edit]

The CHIPS and Science Act passed the House and Senate with bi-partisan support during July 2022 and was signed into law by Biden on August 9, 2022. Biden said: “America invented the semiconductor. It’s time to bring it home.” The New York Times reported that it is valued at $280 billion and is designed to help strengthen America's manufacturing and technology capabilities, including "$200 billion for scientific research, especially into artificial intelligence, robotics, quantum computing, and a variety of other technologies."[62]

CNBC reported that it includes $52 billion for U.S. companies producing computer chips, plus additional tax credits to encourage chip manufacturing in the U.S. This was in response to a pandemic-related chip shortage, disrupting auto production and driving up car prices and inflation. Further, most chips are manufactured in Taiwan, which increases the risk of disruption should China intervene there.[63]

The White House issued a press release stating: "The CHIPS and Science Act is exactly what we need to be doing to grow our economy right now. By making more semiconductors in the United States, this bill will increase domestic manufacturing and lower costs for families. And, it will strengthen our national security by making us less dependent on foreign sources of semiconductors. This bill includes important guardrails to ensure that companies receiving tax payer dollars invest in America and that union workers are building new manufacturing plants across the country."[64]

### Inflation Reduction Act

[edit]

Inflation Reduction Act (IRA) Summary

The Inflation Reduction Act passed the House and Senate using reconciliation along party lines in August 2022. President Biden signed it into law on August 16. Vox reported that key objectives include:

* Reduce carbon emissions significantly through climate protection incentives. This includes tax credits and rebates for renewable technologies (e.g., solar, wind and electric vehicles). It uses incentives rather than penalties primarily.
* Improve health insurance coverage and affordability, by extending ACA subsidy enhancements scheduled to expire in 2022 by three years through 2025. These helped an estimate 7 million people get free health insurance.
* Lower healthcare costs by allowing Medicare to negotiate drug prices for key drugs and cap insulin costs for Medicare patients at $35 per month. This does not apply to private insurance.
* Enhance tax enforcement, by investing $80B in the IRS over a decade on systems and personnel. CBO estimates an additional $200B in collections over a decade.
* Increase corporate taxes, by implementing a 15% minimum tax applied to accounting income and a 1% tax on stock buybacks. The Act does not directly increase taxes on individuals.[65]

The CBO estimated the Act would reduce the budget deficit by about $100 billion over a decade, or $300 billion if enhanced IRS collections are included. CBO also reported that the Act would have little impact on inflation, as shifting money from corporations to healthcare subsidies would boost the economy approximately as much as the deficit decrease would slow it.[66]

The Tax Policy Center estimated that the bottom 80% tax filers by income would receive a net benefit, if ACA premium tax credits (subsidies) are included. The 80th–99th percentile would incur a small cost (0-0.1% increase in average federal tax rate) while the top 1% would incur a 0.2% increase. The costs mainly are imposed indirectly as corporations facing higher taxes may reduce the wage increases or levels for workers; individual tax rates were not changed.[67]

## Statistical summary

[edit]

Summary of economic statistics comparing start of Biden administration vs. October 2021.[68] Gas prices by state — Difference from 1 year prior — May 10, 2021, to May 10, 2022

The following tables include comparisons for a variety of measures. The term "real" means inflation-adjusted, to improve comparability.

### First year: January 2021 to January 2022

[edit]

Variable  | January 2021  | January 2022  | Change  | % Change

|
|
|
|

Jobs, level (millions)[5] | 143.0  | 149.6  | +6.6  | +4.6%
Unemployment rate %[3] | 6.4%  | 4.0%  | −2.4%  | −37.5%
Number unemployed (millions)[69] | 10.1  | 6.5  | −3.6  | −36%
Real GDP level ($ trillions)[70] | 19.06 Q1 '21  | 19.81 Q4 '21  | +0.75  | +3.9%
Inflation (CPI-All Index)[71] | 262.20  | 281.93  | +19.73  | +7.5%
Wages ($/Hour Production & Non-Supv.)[72] | $25.18  | $26.92  | +1.74  | +6.9%
Budget deficit ($ billions)[73] | 2,772 FY '21  | 1,153 FY '22 F  | −1,619  | −58%
Stock market (S&P 500 monthly index average)[48] | 3,794  | 4,573  | \+ 664  | +21%
Debt held by public ($ trillions)[74] | 21.6  | 23.6  | +1.9  | +8.8%

### January 2021 to present

[edit]

This analysis compares the start of the Biden administration to the latest figures. Monthly measures are for January 2021, while quarterly measures are for Q1 2021. The 2021 starting point was impacted by the pandemic, with employment statistics such as the jobs level and unemployment rate worse than pre-pandemic 2019, while real wages had been artificially increased by millions of lower-wage workers losing their jobs, driving up the average.[75]

Variable  | January 2021  | June 2024  | Change  | % Change

|
|
|
|

Jobs, level (millions)[5] | 143.0  | 158.6  | +15.6  | +11%
Unemployment rate %[3] | 6.4%  | 4.1%  | −2.3%  | n/a
Employment to population ratio, age 25–54[76] | 76.4%  | 80.8%  | +4.4%  | n/a
Real wages ($/Hour Production & Non-Supv; 2024 $)[49] | $30.01  | $30.05  | +0.04  | 0.1%
Real GDP per capita (Chained 2017 Dollars)[77] | $63,224  | $67,672  | +4,448  | +7.0%
Stock market (S&P 500 Index monthly avg.)[48] | 3,794  | 5,415  | +1,621  | +42.7%
Real net worth per household, bottom 50% group (2024 $)[78] | $53,952  | $57,008  | +$3,056  | +5.7%
Real net worth per household, 50th to 90th percentile group (2024 $)[79] | $850,741  | $872,485  | +$21,744  | +2.6%
Debt held by public % GDP[80] | 97.3%  | 97.4%  | +0.1%  | n/a
Crude oil production, level (000's of Barrels/Day)[81] | 11,137  | 13,248 (Apr '24)  | +2,111  | +19.0%

### Pre-pandemic peak to present

[edit]

The pre-pandemic peak for quarterly measures was Q4 2019, and the monthly peak was February 2020 for most measures. Real GDP had regained its pre-pandemic peak by Q1 2021 when Biden took office, and the jobs level regained the pre-pandemic peak in June 2022.

Variable  | Pre-Pandemic

(Q4 '19 or Feb '20)

| June 2024  | Change  | % Change

|
|
|
|

Jobs, level (millions)[5] | 152.3  | 158.6  | +6.3  | +4.1%
Unemployment rate %[3] | 3.5%  | 4.1%  | +0.6%  | n/a
Employment to population ratio, age 25–54[76] | 80.5%  | 80.8%  | +0.3%  | n/a
Real wages ($/Hour Production & Non-Supv; 2024$)[49] | $28.99  | $30.05  | +1.06  | +3.7%
Real GDP per capita ($)[77] | $63,257  | $67,672  | +4,415  | +7.0%
Stock market (S&P 500 Index monthly avg.)[48] | 3,277  | 5,415  | +2,138  | +65.2%
Real net worth per household, bottom 50% group (2024 $)[78] | $36,542  | $57,008  | +$20,466  | +56.0%
Real net worth per household, 50th to 90th percentile group (2024 $)[79] | $731,855  | $872,485  | +$140,630  | +19.2%
Debt held by public % GDP[80] | 78.5%  | 97.4%  | +18.9%  | n/a
Crude oil production, level (000's of Barrels/Day)[81] | 12,844  | 13,248 (Apr '24)  | +404  | +3.1%

## Plans and legislative strategies

[edit]

### American Jobs Plan

[edit]

Main article: American Jobs Plan

Job growth by U.S. president, measured as cumulative percentage change from month of inauguration (period 0) to end of term. Measured through his first 27 months (April 2023), President Biden had the second fastest cumulative job creation of any president from Carter to present, at +8.9%, behind Carter at +10.4%.

In March 2021, Biden proposed a $2.65 trillion infrastructure package known as the American Jobs Plan with investments over 10 years, fully paid for by corporate tax increases over 15 years. A White House fact sheet described the plan: "This is the moment to reimagine and rebuild a new economy. The American Jobs Plan is an investment in America that will create millions of good jobs, rebuild our country's infrastructure, and position the United States to out-compete China." The fact sheet further described the U.S. as ranking 13th in the world in infrastructure, with a vulnerable electrical grid. It expands the concept of infrastructure from physical assets like roads and bridges, to human infrastructure investments like caregiving and training.[82]

The Committee for a Responsible Federal Budget (CRFB) summarized the investments as follows ($ in billions):

* Climate $782
* Transportation $447
* Health & Childcare $443
* Housing & Buildings $258
* Jobs & economic development $196
* Research & Development $159
* Manufacturing $154
* Clean water $111
* Broadband $100

CRFB also summarized the revenue elements over 15 years:

* Increase corporate tax rate from 21% to 28%, generating $1,300 billion in revenue. The rate had been lowered from 35% in 2017 to 21% in 2018 by the Tax Cuts and Jobs Act.
* Implement a global minimum tax, raising $750 billion.
* Several other elements to address corporate tax loopholes and shelters, raising $680 billion.[83]

### American Families Plan

[edit]

Main article: American Families Plan

In April 2021, Biden proposed "The American Families Plan", which a White House fact sheet described as: "[A]n investment in our children and our families - helping families cover the basic expenses that so many struggle with now, lowering health insurance premiums, and continuing the American Rescue Plan's historic reductions in child poverty." The plan elements include:

* Adding at least four years of free education, including two years of pre-school for 3–4 year-olds, and two years of community college. The Biden administration estimates the pre-school program will benefit 5 million children each year and save the average family $13,000. The community college program will help about 5.5 million students per year pay $0 in fees, about $109 billion over a decade.
* Providing child care subsidies to limit spending of low- and middle-income families to 7% of income.
* Creating national paid family and medical leave program, comparable to other developed nations.
* Expanding food assistance, including in schools to reduce child hunger.
* Extending tax cuts in the American Rescue plan indefinitely, including the Child Tax Credit, Earned Income Tax Credit, and the Dependent Care Tax Credit.
* Expanding healthcare subsidies in the American Rescue plan indefinitely, including $50/month subsidies (on average) received by nine million people.[84]

The New York Times estimated the American Families Plan would invest about $1.8 trillion over 10 years, with about $800 billion in tax credits, $545 billion in child and family support, $511 billion for education, and $80 billion to expand the ability of the Internal Revenue Service to collect taxes from the wealthy.[85]

### Build Back Better Act

[edit]

Main article: Build Back Better Act

The Build Back Better Act, a reconciliation package including about $2.2 trillion in spending/investments and $2.0 trillion in additional revenue over a decade, passed the House of Representatives November 19, 2021, and is pending before the Senate. Most of the bill's provisions have finite duration.

The New York Times reported that enacting the bill would fund benefits such as:[86]

* Child care program for children up to five years of age, capping family expenses at 7% of income ($273 billion).
* Paid family and medical leave of four weeks ($205 billion).
* Child tax credit extension through 2023 ($185 billion).
* Universal preschool for 3- and 4-year-olds ($109 billion).
* Healthcare programs, such as funds for home health care under Medicaid ($150 billion), and expansion to ACA eligibility and subsidies ($74 billion).
* Climate programs with various tax incentives, pollution controls, and financial assistance ($495 billion).
* Housing programs such as public housing, rental assistance, and affordable housing ($166 billion).

The revenue or cost reduction sources include:

* Corporate tax increases of $814 billion, including new methods such as an alternative minimum tax on accounting profits and taxing stock buybacks.
* Individual tax increases of $655 billion, focused on high-income households, including surtaxes for incomes over $10 million or $25 million.
* Allowing government to negotiate prices for Medicare prescriptions (cost reduction of $76 billion).
* Limiting prescription drug price increases (cost reduction of $84 billion).[86]

The CBO estimated the bill would add $350 billion total to the national debt over the 2022–2031 period, excluding about $200 billion in estimated collections from stronger IRS enforcement (bringing the net impact closer to $150 billion), overall a relatively minor net impact on the national debt.[86]

## Biden's first budget FY 2022

[edit]

President Biden published his first budget for fiscal year 2022, covering the FY 2022–2031 decade. The Committee for a Responsible Federal Budget (CRFB) summarized it as follows: "The President's budget proposes about $5 trillion of new spending and tax breaks, reflecting the previously proposed American Jobs Plan, American Families Plan, and nondefense discretionary spending increases. These provisions would be partially offset with nearly $3.6 trillion of new revenue and over $200 billion of budget cuts and savings. The budget would also add $163 billion of interest costs.” CRFB estimated this as a net $1.354 trillion increase in the budget deficit over a decade, or $135 billion/year. This budget is incremental to the $2.0 trillion impact of the American Rescue Plan, which was enacted in March 2021 and already included in the baseline forecast used for the CRFB computations.[87] For scale, Trump's Tax Cuts and Jobs Act represented about $2 trillion in deficit additions over a decade, or $200 billion/year.

CRFB also commented on the economic assumptions in the budget as being comparable to other major forecasts: "The budget's growth assumptions of 2.2 percent per year over the decade and 1.9 percent per year in the second half of the decade are somewhat higher than CBO's projections of 2.0 and 1.6 percent and the Federal Reserve's 2.0 and 1.8 percent estimates. However, they are in line with the Blue Chip consensus, which is also 2.2 percent per year over the next decade and 1.9 percent per year in the longer term." CRFB commented that Biden's budget is somewhat more optimistic on unemployment rates than these other forecasters.[87]

## COVID-19

[edit]

### January 2021

[edit]

In January 2022, President Biden said there's no federal solution to the pandemic as cases were climbing dramatically.[88] He then issued an executive order intended to deliver economic relief to families and businesses. This included:

* Increasing access to food for students missing meals due to school closures and enhancing SNAP (food stamps) benefits;
* Improving delivery of direct stimulus payments;
* Request Department of Labor to clarify that workers can still access unemployment insurance if employment would have jeopardized their health due to COVID-19;
* Develop support network to help families and businesses access government benefits; and
* Require federal contractors to pay $15 minimum wage.[89]

## Minimum wage

[edit]

See also: Minimum wage in the United States

Biden's COVID-19 stimulus package, the American Rescue Plan, originally included raising the minimum wage to $15 per hour, but this was later removed after moderate Senate Democrats and Republicans objected to the proposal. A CBO study in 2019 estimated that raising the minimum wage to $15 by 2025 would increase wages for 17 million directly in that year, although the number of persons with jobs could be reduced in a range of zero to 3.7 million.[90]

Three months into office, Biden signed an executive order to increase the minimum wage for federal contractors by nearly 37%, to $15 per hour. The order went into effect for 390,000 workers in January 2022.[91][92]

## Trade

[edit]

President Joe Biden with Janet Yellen and Chinese President Xi Jinping at the Filoli Estate in Woodside, California, November 15, 2023

The Wall Street Journal reported that instead of negotiating access to Chinese markets for large American financial-service firms and pharmaceutical companies, the Biden administration focused on trade policies that boost exports or domestic jobs. U.S. Trade Representative Katherine Tai said the administration wants a "worker-centered trade policy".[93][94] U.S. Secretary of Commerce Gina Raimondo said she planned to aggressively enforce trade rules to combat unfair practices by China.[95]

In March 2021, Katherine Tai said that the U.S. would not lift tariffs on Chinese imports in the near future, despite lobbying efforts from "free traders," including former Secretary of Treasury Hank Paulson and the Business Roundtable, that pressed for tariff repeal.[96]

At the October 2021 G20 Rome summit, the Biden administration and the European Union reached agreement to roll back the steel and aluminum tariff regime that had been imposed by the Trump administration in 2018. The agreement retained some protection for American steel and aluminum producers by adopting a tariff-rate quota regime. It also ended retaliatory tariffs on American goods the EU had imposed and canceled a scheduled tariff increase by the EU.[97]

China failed by a wide margin to purchase American goods and services as agreed under the January 2020 Phase One trade deal, which expired on December 31, 2021. The Biden administration continued to formulate its China trade policy and faced a decision as to whether to reinstate some tariffs and risk retaliation, or to ignore China's breach amid elevated inflation that might be exacerbated by additional tariffs.[98]

As of December 2023, Biden has largely maintained Trump's protectionist trade policies, and has not negotiated any new free trade agreements. Labor unions, an important constituency for Biden's re-election, opposed removing Trump's tariffs.[99] In May 2024, the Biden administration doubled tariffs on solar cells imported from China and more than tripled tariffs on lithium-ion electric vehicle batteries imported from China.[100] It also raised tariffs on imports of Chinese steel, aluminum, and medical equipment.[100] The tariff increases will be phased in over a period of three years.[100]

## Domestic energy production

[edit]

Despite Biden's promotion of clean energy, and Republican assertions he was waging "war on American energy," by the end of his third year the United States was producing more crude oil than any country in history.[101][102]

## Education

[edit]

See also: Education in the United States

Biden has proposed paying for college tuition and pre-K for middle-class families. He also attempted to forgive some student loans, with mixed success.[103]

### Student loan forgiveness

[edit]

See also: Student loans in the United States, Issues in higher education in the United States, and Higher education financing issues in the United States

Biden supported canceling student loan debt up to $10,000 during 2020, for some borrowers. Other prominent Democrats (Senators Warren and Schumer) co-authored a resolution including cancelations up to $50,000 for all borrowers. There is an active debate about whether legislation or executive order is sufficient to cancel student loans. Critics argued that canceling student loans is regressive rather than progressive, as most with student loans are college educated and earn more. Further, the impact on college tuition pricing and access is unclear.[104]

The Federal Reserve Bank of New York reported that student loans totaled $1.5 trillion in 2019, with 43 million borrowers. The average balance was $33,500. About 14 million borrowers (33%) had balances below $10,000; 20 million (47%) had balances $10,000–50,000, and 9 million (20%) had balances over $50,000.[105]

The Committee for a Responsible Federal Budget reported in November 2020 that canceling student loans had several pros and cons, but was a relatively ineffective economic stimulus. While household net worth would rise by $1.5 trillion if all loans were canceled, in terms of monthly spending the typical household with student loan debt would be avoiding a $200–300 monthly payment. Re-directing this savings to other spending would have limited economic impact of about $100 billion/year. One important consideration is the tax treatment of the forgiven debt; if treated as a gain (income), it would likely be taxable in the absence of legislation negating the gain, offsetting the small positive economic impact.[106]

CNBC reported that forgiving $10,000 in student debt for all borrowers would cost the government $377 billion, but forgiving $10,000 just for those with debt below $10,000 (about a third of borrowers) would cost $75 billion. Debtors in the latter category tend to be those struggling to pay off their debt.[107]

By the end of Biden's first year in office, the Department of Education had forgiven $15 billion in debt for 675,000 borrowers.[108]

In August 2022, Biden announced a U.S. Department of Education program to cancel certain federally owned student loan debt under the HEROES Act. Borrowers earning under $125,000 per year, or under $250,000 for married couples who file jointly, would have been eligible for up to $10,000 in loan forgiveness. Borrowers who received a Pell Grant while attending college would have qualified for up to an additional $10,000 in loan forgiveness, for a total of $20,000.[109] The administration estimated that about 43 million borrowers would have been covered by the plan, including about 20 million individuals whose student debt would be completely forgiven.[110] Estimates had stated that the plan would cost as much as $519 billion for the "debt cancellation alone",[111] and critics characterized Biden's plans to cancel hundreds of billions of dollars in debt as a "disaster".[112]

After 6 state governments filed lawsuits challenging the program,[113] the Supreme Court held in Biden v. Nebraska (2023) that the program exceeded the authority delegated to the Department of Education under the HEROES Act.[114][115] In April 2024, Biden announced a revised student loan forgiveness program citing statutory authority under the Higher Education Act of 1965.[116][117][118]

Under the American Rescue Plan Act of 2021, student loan forgiveness was designated as tax-exempt income through the end of 2025,[119] and Biden proposed making the tax exemption permanent in March 2024.[120] In June 2022, the Department of Education agreed to forgive the student loans of approximately 200,000 borrowers (amounting to approximately $6 billion) to settle a class-action lawsuit the students filed against the Department in June 2019 for refusing to process their waivers from debt owed to for-profit institutions that misled the students about the financial remuneration, the quality of vocational training, and the career advancement they would receive by attending the institutions.[121][122] In August 2022, the Department of Education announced that it would cancel the student loans of 208,000 borrowers who attended ITT Technical Institute (amounting to $3.9 billion).[123][124] In October 2022, the department released final regulations to expand and streamline targeted debt relief programs for students that were defrauded by the institutions they attended,[125][126] as well as changes to the Public Service Loan Forgiveness (PSLF) program which led to 360,000 borrowers qualifying for $24 billion in debt relief.[127]

In July 2023, the Biden administration announced that it would forgive $39 billion in student loan debt for 804,000 borrowers on income-driven repayment plans that had been repaying student loans for 20 to 25 years.[128] In August 2023, the Biden administration announced that it would forgive $72 million in student loan debt for 2,300 borrowers that attended Ashford University who were defrauded by the institution,[129] then an $37 million in student loan debt to 1,200 borrowers that attended the University of Phoenix who were misled by false advertising by the institution related to post-graduation employment.[130] In October 2023, the Department of Education announced that it would withhold $7.2 million in payment to the Missouri Higher Education Loan Authority (MOHELA) for failing to send billing statements on a timely basis to 2.5 million borrowers that caused 800,000 borrowers to fall into delinquency and the Department directed MOHELA to place all affected borrowers into forbearance,[131] while Biden announced $9 billion in student loan debt forgiveness to 125,000 borrowers due to further fixes to income-based repayments system of the PSLF program.[132] In December 2023, the Biden administration announced another $4.8 billion in student loan debt forgiveness for 80,000 borrowers due to further fixes to income-based repayments system of the PSLF program.[133]

In January 2024, the Department of Education also announced that it would forgive $4.9 billion in student loan debt for 73,600 borrowers due to further fixes to the income-based repayments system of the PSLF program.[134] In February 2024, the Biden administration announced that it would forgive $1.2 billion in student loan debt for 150,000 borrowers through its Saving on a Valuable Education loan repayment program.[135] In March 2024, the Biden administration announced that it would forgive $5.8 billion in student loan debt to 78,000 borrowers under the PSLF program,[136] and then an additional $7.4 billion in student loan debt for 277,000 borrowers from additional changes to the PSLF program the next month, which brought the total dollar amount of student loan debt forgiven by the administration to $153 billion and the total number of borrowers with debt forgiven to 4.3 million.[137] In May 2024, the Biden administration announced that it would forgive $6.1 billion in student loan debt for 317,000 borrowers who attended The Art Institutes, a defunct for-profit university system of art schools, due to "pervasive and substantial" misrepresentations to prospective students about post-graduation employment rates, salaries, and career services.[138] In the same month, the Department of Education announced that it would transfer potentially more than 1 million borrowers from MOHELA to different loan servicers,[139] and extended a student loan consolidation application deadline that had expired on April 30 to June 30.[140][141]

## Healthcare

[edit]

U.S. Uninsured under age 65, number (left axis in millions) and % (right axis) from 2010 to 2022 first half (H1). Blue shows Democratic party president, red a Republican party president. The number and % uninsured under Biden fell to lowest levels since 1997.[36]

Biden has proposed lowering the Medicare age from 65 to 60, and expanding the Affordable Care Act subsidies and eligibility.[103] Some 23 million persons age 60–64 who could directly benefit, either by paying lower insurance premiums or no longer needing to obtain their insurance through an employer. There are about 1.7 million in the 60–64 age range who are uninsured, and 3.2 million who buy coverage because they are not covered by an employer. Hospitals would receive lower reimbursement rates for age 60–64 patients that enroll in Medicare. This plan would also increase the budget deficit, although the CBO has not officially scored the proposal as of January 2021. Lowering the Medicare age is popular, with one poll indicating 85% of Democrats and 69% of Republicans support lowering the eligibility age to as young as 50.[142]

The number of uninsured under age 65 fell from 31.2 million in 2020 under President Trump, to 27.0 million during the first half of 2022 under President Biden, a reduction of 3.2 million or 13%. The percentage of uninsured fell from 11.5% to 9.9% during that time.[36]

## Cryptocurrency

[edit]

In January 2021, Biden suspended any federal regulatory proposal related to cryptocurrency until they can be reviewed by the new administration. This change was part of a freeze for all last-minute regulations put in place by the Trump administration.[143] On November 23, U.S. Senator Sherrod Brown (D–OH), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, sent a letter to Tether issuer Bitfinex requesting information about company operations due to concerns that the company was engaged in fraud.[144] On March 9, 2022, Biden issued Executive Order 14067 to federal departments and agencies to assess the benefits and risks of cryptocurrencies,[145][146] and directed the Federal Reserve to continue its research, development, and assessment efforts for a central bank digital currency (CBDC) for the U.S. dollar.[147][148] On June 6, the U.S. Office of Government Ethics issued a directive barring federal employees from working on any regulation that could influence the value of digital currencies that they hold.[149] When Voyager Digital filed for Chapter 11 bankruptcy protection on July 6,[150] the Federal Deposit Insurance Corporation (FDIC) began investigating marketing claims made by Voyager that its customer dollar deposit accounts were insured by the agency.[151]

Elizabeth Warren's anti-cryptocurrency stance faced significant opposition within her party in 2024, as dozens of Democrats, including Chuck Schumer, supported efforts to overturn SEC guidelines restricting banks from holding digital assets. This defiance also opposed Biden's veto threat. Amidst 2024 campaign dynamics, with Trump courting crypto supporters, crypto super PACs planned major spending to influence elections and policy. Despite concerns over money laundering and financial risks, key Democrats, including Maxine Waters, remained opposed to the pro-crypto legislation.[152]

### CFTC

[edit]

On January 3, 2022, the Commodity Futures Trading Commission (CFTC) issued an order requiring Blockratize, Inc. pay a $1.4 million fine for failing to register as a swap execution facility, for offering illegal binary option contracts using cryptocurrency on its prediction market website Polymarket, and to close betting markets in violation of the Commodity Exchange Act.[153] On February 9, CFTC Chairman Rostin Behnam asked the 117th U.S. Congress for the authority to regulate certain cryptocurrencies in testimony before the U.S. Senate Committee on Agriculture, Nutrition, and Forestry.[154][155] On June 2, the CFTC filed a lawsuit against Gemini alleging that the executive staff of the cryptocurrency exchange made false and misleading statements and omissions in communications with regulators about market manipulation of a bitcoin futures contract the company proposed offering in 2017.[156]

On June 7, U.S. Senators Kirsten Gillibrand (D–NY) and Cynthia Lummis (R–WY) introduced a bill to create a regulatory framework for cryptocurrencies that would treat most digital assets as commodities subject to oversight from the CFTC and would not have cryptocurrencies subject to oversight from the SEC unless a cryptocurrency's holders were entitled to the same privileges as corporate investors.[157] On June 8, Behnam announced support for the bill.[158] At a conference hosted by The Wall Street Journal on June 14, U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler expressed concern that the Lummis-Gillibrand bill could inadvertently undermine stock market and mutual fund protections, noted that cryptocurrency companies were already engaging in behaviors overseen by the SEC, and argued that some digital assets are securities necessitating oversight from the SEC rather than commodities (even if the overwhelming majority of tokens offered by cryptocurrency exchanges are commodities).[159]

### Federal Reserve

[edit]

At a conference held by the Bank for International Settlements on March 22, 2021, Federal Reserve Chairman Jerome Powell stated that the Federal Reserve would not issue a central bank digital currency (CBDC) without explicit congressional authorization.[160] On April 28, Powell stated in a press conference following a Federal Open Market Committee (FOMC) policy meeting that the CBDC system that exists in China could not exist in the United States due to privacy concerns.[161][162] On May 20, Powell issued a press statement announcing that the Board of Governors would release a white paper on a CBDC for the U.S. dollar.[163] On July 14, Powell testified before the U.S. House Financial Services Committee about CBDC, stated that the white paper on creating a CBDC for the U.S. dollar would be released in a few months, and that stablecoins and cryptocurrencies would not be needed if there was a CBDC for the U.S. dollar.[168] At a press conference following an FOMC policy meeting on September 22, Powell stated that the Federal Reserve was continuing work on the white paper.[169] On October 14, United Wholesale Mortgage announced that it would cease a company pilot to accept mortgage loan repayments in bitcoin.[170]

On January 18, 2022, U.S. Representative Tom Emmer (GOP; MN-6) introduced a bill (HR 6415) to prohibit Federal Reserve Banks from issuing a CBDC.[171][172] On January 20, the Federal Reserve released its CBDC white paper with a 120-day public comment window.[178] On February 18, Federal Reserve Vice Chair Lael Brainard gave a speech arguing in favor of a CBDC at a University of Chicago Booth School of Business forum on monetary policy in the United States.[179][180] On May 19, House Republican Conference members on the Financial Services Committee sent a letter to Powell expressing concerns about CBDC and its potential effects on monetary policy and privacy rights.[181][182] On May 26, Brainard testified before the House Financial Services Committee in favor of a CBDC and argued that it could exist alongside stablecoins.[183][184][185] At a conference on the role of the U.S. dollar in the international economy hosted by the Federal Reserve Bank of New York on June 17, Powell noted in an opening statement that the public comment window for the Federal Reserve CBDC white paper was still open.[186][187] On June 22, the office of U.S. Representative Jim Himes (DEM; CT-4) released a white paper supporting a CBDC.[188][189][190] On July 8, Brainard called for greater regulation of cryptocurrencies before the industry's size threatens the financial system.[191] In April 2023, Federal Reserve Board Governor Michelle Bowman expressed skepticism for the need of a CBDC for the U.S. dollar in a speech at Georgetown University McDonough School of Business.[192][193]

### Justice and homeland security departments

[edit]

On March 5, 2021, McAfee Corp. founder John McAfee was indicted in the Southern New York U.S. District Court for promoting a cryptocurrency pump-and-dump scheme on his Twitter account that he made $23 million from (after being indicted by the Justice Department for tax evasion on money earned from the scheme and sued by the SEC for promoting the scheme the previous October).[194][195][196] On May 13, Binance was reportedly under investigation by the U.S. Justice Department and the Internal Revenue Service for usage by users for money laundering and tax evasion.[197] On February 8, 2022, the U.S. Justice Department arrested businessman Ilya Lichtenstein and rapper Heather R. Morgan for attempting to launder and seized $3.6 billion of the $4.5 billion worth of bitcoin allegedly stolen in the 2016 Bitfinex hack,[198][199] while the U.S. Justice Department immediately filed a request with District of Columbia U.S. District Court Chief Judge Beryl A. Howell to reverse the bail decision made by Southern New York U.S. District Court Magistrate Judge Debra C. Freeman for Lichtenstein and Morgan due to flight risk concerns (with Lictenstein being jailed and Morgan remaining under house arrest with ankle bracelet monitoring instead of allowing both to go free on $5 million and $3 million bail respectively).[200][201]

On February 24, BitMEX founders Arthur Hayes and Ben Delo plead guilty to charges of violating the anti-money laundering provisions of the Bank Secrecy Act and each agreed to pay a $10 million fine (after the company agreed to pay a $100 million fine in a settlement with the CFTC the previous August).[202][203] On March 8, the owners and operators of the cryptocurrency companies EmpowerCoin, ECoinPlus, and Jet-Coin were indicted in the Eastern New York U.S. District Court for conspiracy to commit wire fraud and money laundering and for defrauding investors of $40 million.[204] On March 18, the Southern New York U.S. District Court (with Senior Judge P. Kevin Castel presiding) convicted the operator of the World Sports Alliance, a cryptocurrency scam that offered a token called IGObit and claimed to be affiliated with the United Nations, of defrauding 60 investors of hundreds of thousands of dollars.[205] On March 24, the U.S. Justice Department charged two operators of a $1.1 million non-fungible token rug pull called "Frosties" with conspiracy to commit wire fraud and money laundering.[206] On April 25, Alliance of American Football and former Minnesota Vikings minority owner Reggie Fowler plead guilty to charges of bank fraud in a $600 million crypto scheme.[207]

On May 6, the U.S. Justice Department charged the CEO of Mining Capital Coin with operating a fraudulent $62 million crypto scheme.[208] On the same day, FTX CEO Sam Bankman-Fried defined an industry practice known as "yield farming" in an interview with Bloomberg News journalists Matt Levine, Joe Weisenthal, and Tracy Alloway that Levine and Weisenthal stated met the definition of a Ponzi scheme.[209][210] On May 12, the CEO of EminiFX was charged by the Federal Bureau of Investigation with operating a fraudulent $59 million crypto scheme in Southern New York U.S. District Court.[211] On June 1, a former product manager at OpenSea, a non-fungible token marketplace, was arrested by the Southern New York U.S. Attorney's Office on charges of wire fraud and money laundering in connection with an insider trading scheme that he was dismissed by the company for the previous September.[212][213][214] On June 3, the Federal Trade Commission issued a report showing that approximately 46,000 investors lost more than $1 billion in cryptocurrency scams from January 2021 through March 2022 (with $329 million in the first quarter of 2022).[215]

On June 6, Reuters reported that Binance had facilitated $2.35 billion in money laundering from 2017 to 2021.[216] On June 29, a Freedom of Information Act request stated that Coinbase had shared blockchain technology for investigating financial crimes with U.S. Immigration and Customs Enforcement.[217] On June 30, the U.S. Justice Department filed securities fraud charges against the leaders of EmpiresX, a more than $100 million cryptocurrency exchange Ponzi scheme.[218] On the same day, the Federal Bureau of Investigation (FBI) added Ruja Ignatova to its Ten Most Wanted Fugitives List for the $4 billion OneCoin Ponzi scheme.[219] On July 19, the FBI issued a public warning that stated that fraudulent cryptocurrency mobile phone applications had defrauded 244 investors of $42 million since the previous October.[220] On July 21, three former Coinbase employees were indicted in the Southern New York U.S. District Court for an alleged insider trading scheme involving $1.5 million worth of cryptocurrency assets listed on the exchange,[221][222] while the SEC filed an insider trading lawsuit against the same employees in the Western Washington U.S. District Court.[223][224]

### Treasury and labor departments

[edit]

Main articles: United States Department of the Treasury and United States Department of Labor

During Janet Yellen's confirmation hearing for Secretary of the Treasury, U.S. Senator Maggie Hassan (D-NH) asked about the use of cryptocurrency by terrorists and other criminals. "Cryptocurrencies are a particular concern," Yellen responded. "I think many are used—at least in a transactions sense—mainly for illicit financing." She said she wanted to "examine ways in which we can curtail their use and make sure that [money laundering] doesn't occur through those channels."[225] On May 13, 2021, Binance was reportedly under investigation by the U.S. Justice Department and the Internal Revenue Service (IRS) for usage by users for money laundering and tax evasion.[197] On August 4, IRS officials stated that the agency had seized $1.2 billion worth of bitcoin during fiscal year 2021.[226]

On August 6, the Biden administration released a press statement announcing support for the cryptocurrency tax reporting amendment to the Infrastructure Investment and Jobs Act proposed by U.S. Senators Rob Portman (R–OH), Kyrsten Sinema (D–AZ), and Mark Warner (D–VA) rather than the amendment proposed by U.S. Senators Cynthia Lummis (R–WY), Pat Toomey (R–PA), and Ron Wyden (D–OR).[227][228][229] On August 9, a compromise amendment proposed by Toomey, Warner, Lummis, Sinema, and Portman (No. 2656) failed to pass on a unanimous consent vote called by Toomey when Senator Richard Shelby (R–AL) objected to the amendment if it did not include a defense infrastructure spending amendment he introduced (No. 2535), which Toomey agreed to but Senators Bernie Sanders (I–VT) and Tom Carper (D–DE) objected to.[234]

On November 15, President Biden signed the Infrastructure Investment and Jobs Act into law with the original language in the bill related to cryptocurrency tax reporting and definition of cryptocurrency brokers.[235][236][237] On March 10, 2022, the Employee Benefits Security Administration of the U.S. Labor Department issued a compliance assistance release warning financial services companies against including cryptocurrencies in 401(k)s and other retirement plans and to use extreme caution if doing so.[238] On April 20, the U.S. Treasury Department sanctioned Russian bitcoin miners as the 2022 Russian invasion of Ukraine entered its third month.[239] On May 6, the Treasury Department sanctioned Blender.io, a cryptocurrency mixer, from the U.S. financial system due to its usage by the Lazarus Group (a cybercrime organization operated by the North Korean government) to launder $20.5 million of cryptocurrency associated with Axie Infinity.[240]

## Unions

[edit]

On January 22, 2021, Biden issued Executive Order 14003 that removed Schedule F, overturning a number of Trump's policies that limited the collective bargaining power of federal unions.[241][242] He called on Amazon workers to vote for union representation in a closely watched election in Alabama. This was stronger support than any president has given unions in decades. However the workers defeated the proposal 71% to 29%, enhancing Amazon's reputation as a leading bulwark against unionization. Labor activists said Biden's advocacy would build his support in the working class, fighting off Republican inroads there.[243]

He was criticized by some union activists for signing a bill to force an end to the 2022 United States railroad labor dispute that did not contain the union's target of paid sick leave.[244] However, the Biden administration was also influential in securing a later deal to provide paid sick leave to those rail workers.[245]

Biden appointed two of the five members of the National Labor Relations Board, which enacted many policies that boosted unions during his presidency. These were seen as a factor in an increase in labor strikes in 2023, which won unions several wins, such as increased pay and better working conditions.[246][247][248][249]

In September 2023, Biden became the first United States president to ever march in a picket line with a union, when he joined a strike with the United Auto Workers.[250][251]

## Taxation and deficits

[edit]

### Individual taxes

[edit]

Biden has pledged to raise taxes only on individual persons earning over $200,000, or $400,000 for married couples filing jointly.[103] Treasury Secretary nominee Janet Yellen reiterated Biden's pledge in her answers during her Senate confirmation hearing process in January 2021.[252] The individual tax cuts in President Trump's Tax Cuts and Jobs Act are scheduled to expire after 2025, for all income levels. This means they automatically revert to the higher rates of the Obama administration, in the absence of new legislation.

### Corporate taxes

[edit]

Biden has proposed raising the corporate tax rate from 21% to 28%.[103] This rate was lowered by the Republican's 2017 Tax Cuts and Jobs Act from 35% to 21%, so Biden's proposal represents a partial reversal. The 21% tax rate does not expire, in contrast to the individual rates, so legislation would be required to raise it.[253]

### International taxation

[edit]

Finance officials from 130 countries agreed on July 1, 2021, to plans for a new international taxation policy. All the major economies agreed to pass national laws that would require corporations to pay at least 15% income tax in the countries they operate. This new policy would end the practice of locating world headquarters in small countries with very low taxation rates. Governments hope to recoup some of the lost revenue, estimated at $100 billion to $240 billion each year. The new system was promoted by the Biden administration and the Organization for Economic Cooperation and Development (OECD). Secretary-General Mathias Cormann of the OECD said, "This historic package will ensure that large multinational companies pay their fair share of tax everywhere."[254]

## Budget deficit

[edit]

The first year that President Biden budgeted is fiscal 2022, which runs from October 1, 2021, to September 30, 2022. CBO forecast in July 2021 that the budget deficit in fiscal year 2022 will be $1.2 trillion, or 4.7% GDP.[255] This would be a significant reduction to the budget deficits of $3.1 trillion (15.0% GDP) in FY2020 (the last fiscal year fully budgeted by President Trump) and $2.8 trillion (12.4% GDP) in FY2021. Those two record annual budget deficits were unusually high, primarily due to response measures to the Coronavirus pandemic.[256]

During February 2021, the CBO forecast budget deficits for 2021–2031, based on legislation in effect as of January 12, 2021, prior to the American Rescue Plan Act (ARPA). This represents the deficit trajectory inherited by Biden; the deficit impact of his policies may be measured against that baseline. CBO later published a baseline including the impact of ARPA.[257] OMB then published its forecast for Biden's fiscal 2022 budget, which includes ARPA plus Biden's American Jobs Plan and American Families Plan.[258] These amounts are shown in the following table:

Federal budget deficit ($ Billions)  | 2020A  | 2021F  | 2022F  | 2023F  | 2024F  | 2025F  | 2026F  | 2027F  | 2028F  | 2029F  | 2030F  | 2031F  | Total 2022-2031F

|
|
|
|
|
|
|
|
|
|
|
|
|

CBO February 2021 Baseline[259] | 3,132  | 2,258  | 1,056  | 963  | 905  | 1,037  | 1,026  | 1,048  | 1,352  | 1,346  | 1,650  | 1,883  | 12,266
CBO Baseline Including ARPA[257] | 3,132  | 3,423  | 1,589  | 1,083  | 972  | 1,080  | 1,036  | 1,060  | 1,375  | 1,371  | 1,674  | 1,913  | 13,153
Budget FY2022 per OMB[258] | 3,129  | 3,669  | 1,837  | 1,372  | 1,359  | 1,470  | 1,414  | 1,303  | 1,424  | 1,307  | 1,477  | 1,568  | 14,531

Deficits in fiscal 2021 and 2022 will be significantly increased by ARPA, although the impact falls thereafter. The budget deficit is expected to fall mid-decade as pandemic-related spending fades and the economy returns to normal. Thereafter, deficits rise due to the long-term trends of an aging country (e.g., fewer workers per retiree) and healthcare costs rising faster than GDP growth.[259]

## Theoretical economic perspectives

[edit]

In terms of theoretical economic perspectives, Bidenomics stands in striking contrast to the previously dominant economic model, known globally as the Washington consensus, or (among its opponents) as neoliberalism.[260] Milton Friedman was the intellectual godfather, with a base in the Chicago school of economics. It was the dominant economic policy of Western nations from Ronald Reagan in the United States in the 1980s[261] through the presidencies of George H.W. Bush, Bill Clinton, George W. Bush, and Barack Obama, as well as the British leaders Margaret Thatcher, Tony Blair and David Cameron.[262][263] According to Greg Ip of the Wall Street Journal, "Bidenomics Seeks to Remake the Economic Consensus: Declaring end to neoliberalism, new thinkers play down constraints of deficits, inflation and incentives"[262]

Bidenomics draws on an even older economic heritage going back to John Maynard Keynes in the 1930s, and including Americans Walter Heller, James Tobin, and Arthur Okun in the 1960s. Versions of Keynesianism were the dominant American and British economic theory before the 1970s.[264] Politically, American liberals and Democrats have leaned toward Keynes;[265] Republicans and conservatives favored the Chicago School, though Trump also widely used tariffs, which are at odds with conventional wisdom among the advocates of Chicago School.[266]

### Macroeconomics

[edit]

The traditional view is that the economy is built around scarcity, because the demand for labor and capital and everything else is unlimited. To achieve full employment and faster growth, more work is needed and more incentives to work. Monetary and fiscal policy is seldom needed, since the market system naturally produces optimum results.[267] Bidenomics argues that slack is the main problem, not scarcity. The market system is typically stuck below optimal levels. Full employment and growth is held back by a lack of demand, and needs the stimulation of aggressive fiscal policies such as deficit spending, as well as monetary policies to keep cash flowing.[262][268][269]

### Budget deficits

[edit]

Bidenomics holds that the developed world is awash in surplus savings, which has produced very low interest rates. Absorbing some of this huge pool of savings through large deficits will not divert private investments, and will not raise interest rates. As for tax rates, the very low interest rates makes covering the national debt much easier.[262][needs update]

### Welfare state

[edit]

Bidenomics says the government should be promoting the national welfare, and a critical ingredient in our society is caring for dependents – especially children and elderly parents. It is a technical flaw in the definition of Gross Domestic Product that unpaid household care is not included, even though it is so important. The Biden American Rescue Plan that became law in March 2021 includes a greatly expanded child tax credit.[262][270]

### Taxation and globalization

[edit]

The old view strongly emphasized the wisdom of lowering income taxes, arguing that high rates discourage work, discourage investment, slow growth, and render the U.S. less competitive in a globalized world. Furthermore, the minimum wage reduces employment. The new view is that more danger comes from monopoly power, especially as exerted by the giant high tech companies such as Facebook, Google, and Amazon. Taxation, regulation and anti-trust laws should be used to control them.[2] Furthermore, the status quo is creating many multi-billionaires, who largely evade taxation. The result is rapidly growing inequality that is politically and socially destabilizing.[271]

The old view warns that labor unions were the monopolies to worry about and fight against; Biden has been a strong supporter of labor unions. The new view cites research to show that people paying higher tax rates do not make less effort, and high minimum wages do not reduce employment. However the minimum wage does pull millions of families out of poverty.[262] As for globalization, the new view warns that while globalization raises total world output, it also moves American jobs to China and elsewhere; the new view warns against China as a threat to long-term American economic interests. Tariffs, which were strongly opposed in the old view, now become a useful weapon.

Regarding China, Bidenomics is somewhat parallel to the Trump administration policy.[272] The old view called for lowering American tax rates to remain competitive internationally, while in April 2021 Biden proposed a different approach: the United States would work with the European Community, Britain, Japan and other friendly nations to form a standardized international minimum income tax. The goal is to stop the globalization process whereby companies relocate headquarters into the international host with the lowest tax.[273]

### Unemployment

[edit]

Unemployment has had its longest run under 4% in 70 years, leading to wage growth at the bottom of the income distribution and reversing some income inequality.[2]

## Public perceptions of economy

[edit]

Inflation peaked at 9.0% in June 2022 began swiftly abating and by November 2023 the inflation rate stood at 3.2% and summer 2024 had returned near target levels.[2] GDP growth, job creation and wage growth remained strong under Biden, with a sustained nearly 50-year-low unemployment rate. Polls, however, indicated broad public discontent with the Biden economy, though data showed consumers continued spending, taking vacations and changing jobs as though they believed the economy was good.[274]

A March 2024 CBS News poll found that 65% of Americans viewed the economy under Biden's predecessor, Donald Trump, as good, whereas only 38% expressed a similar positive opinion of the current economy under Biden.[10]

People tend to see their own economic reality and that of their local and state economies as doing better than the national economy,[9] hinting at a disconnect fueled more by media narrative.[2]

## See also

[edit]

* Economic policy of the Donald Trump administration
* Federal Trade Commission#Biden administration
* Net neutrality in the United States#Under the Biden administration (2021–present)
* Political positions of Joe Biden § Economic issues

## References

[edit]

1. ^ Tankersley, Jim (March 22, 2021). "Biden Team Prepares $3 Trillion in New Spending for the Economy". The New York Times.
2. ^ a b c d e f g h i j k l m n Baker, Dean (July 29, 2024). "The Biggest Success Story the Country Doesn't Know About". The New Republic. ISSN 0028-6583. Retrieved July 31, 2024.
3. ^ a b c d e f g U.S. Bureau of Labor Statistics (January 1, 1948). "Civilian Unemployment Rate". FRED, Federal Reserve Bank of St. Louis. Retrieved June 4, 2019.
4. ^ Sainato, Michael (May 3, 2024). "US adds 175,000 April jobs as hiring slows and unemployment stays steady". The Guardian. "It was the 40th straight month of job gains in the US and the 27th consecutive month with the unemployment rate below 4% – the longest such streak since 1953."
5. ^ a b c d e FRED (December 28, 2021). "All Employees, Total Nonfarm". FRED, Federal Reserve Bank of St. Louis. Retrieved December 28, 2021.
6. ^ The Federal Reserve sees cooler inflation and slower job market, suggesting a rate cut is nearing. Retrieved August 3, 2024 - via apnews.com.
7. ^ Choe, Stan (May 24, 2024). "Stock market today: Nasdaq sets another record as Wall Street wins back earlier losses". AP News. Retrieved August 3, 2024.
8. ^ "A quarter of U.S. households live paycheck to paycheck, analysis finds - CBS News". www.cbsnews.com. October 24, 2024. Retrieved October 30, 2024.
9. ^ a b Ip, Greg (April 4, 2024). "What's Wrong With the Economy? It's You, Not the Data". The Wall Street Journal.
10. ^ a b Aimee Picchi; Anne Marie Lee (March 3, 2024). "Voters remember Trump's economy as being better than Biden's. Here's what the data shows". CBS News.
11. ^ "Bidenomics". Twitter.com. Retrieved June 28, 2023.
12. ^ "The Employment Situation – December 2020" (PDF). United States Department of Labor. January 8, 2021. Retrieved January 20, 2021.
13. ^ "Monthly Budget Review for September 2020". cbo.gov. September 2020. Retrieved January 22, 2021.
14. ^ a b c "Biden says final passage of $1 trillion infrastructure plan is a big step forward". NPR. November 6, 2021.
15. ^ Mutikani, Lucia (September 29, 2022). "U.S. economic growth revised up; gap between GDP and GDI narrows sharply". Reuters.
16. ^ Tappe, Anneken (January 27, 2022). "The US economy grew at the fastest rate in 2021 since the Reagan administration". CNN.
17. ^ Mutikani, Lucia (January 7, 2022). "U.S. labor market eyes maximum employment despite underwhelming December payrolls". Reuters.
18. ^ Pickert, Reade (January 7, 2022). "U.S. Sees Record Job Growth in 2021 After Millions Lost in 2020". Bloomberg News.
19. ^ "2022 Economic Outlook". Goldman-Sachs. November 10, 2021.
20. ^ Jeanna Smialek (November 12, 2021). "Fastest inflation in 31 years puts more heat on Washington". New York Times.
21. ^ Tan, Weizhen (January 25, 2022). "Goldman economist says it's tough to sustain wage gains of 5% to 6% without 'meaningfully high' inflation". CNBC.
22. ^ Rubin, Gabriel T. (January 28, 2022). "U.S. Wages, Benefits Rose at Two-Decade High as Inflation Picked Up". The Wall Street Journal.
23. ^ Jeanna Smialek; Ana Swanson (January 22, 2022). "Rapid Inflation Fuels Debate Over What's to Blame: Pandemic or Policy". The New York Times.
24. ^ Emily Graffeo; Lu Wang (November 3, 2021). "S&P 500 Is Up 37% Since Biden's Election One Year Ago, Setting Presidential Record". Bloomberg News.
25. ^ a b "Households; Net Worth, Level". fred.stlouisfed.org. Retrieved June 11, 2023.
26. ^ a b "Unemployment Rate". fred.stlouisfed.org. Retrieved June 11, 2023.
27. ^ a b "All Employees, Total Nonfarm". fred.stlouisfed.org. Retrieved July 29, 2022.
28. ^ Jon Hilsenrath; Rachel Wolfe (July 14, 2022). "People have money but feel glum". Wall Street Journal.
29. ^ "CBO Monthly Budget Review: Summary for Fiscal Year 2022". cbo.gov. November 2022. Retrieved December 10, 2022.
30. ^ "U.S. Economy Shows Another Decline, Fanning Recession Fears". The New York Times. July 28, 2022. Retrieved July 29, 2022.
31. ^ "Real Gross Domestic Product". US Bureau of Economic Analysis. Retrieved July 29, 2022.
32. ^ "Business Cycle Dating Procedure: Frequently Asked Questions". National Bureau of Economic Research. Retrieved July 29, 2022.
33. ^ "Custom FRED Graph". fred.stlouisfed.org. Retrieved July 29, 2022.
34. ^ Harrison, David (October 23, 2023). "The Economy Was Supposed to Slow by Now. Instead It's Revving Up". The Wall Street Journal. "Recent economic data suggest the economy is accelerating despite higher borrowing costs, the resumption of student-loan payments, and wars in Ukraine and the Middle East ... Analysts, many of whom had expected a recession this year, are pushing up their forecasts ... After predicting a recession for the past year, economists surveyed by The Wall Street Journal this month said they now believe that the economy will avoid a downturn in the next 12 months."
35. ^ "December 13–14, 2022 FOMC Meeting". Federal Reserve. Retrieved December 28, 2022.
36. ^ a b c "Health Insurance Coverage: Early Release of Estimates from the NHIS, January – June 2022". CDC.gov. January 27, 2023.
37. ^ Peck, Emily (December 22, 2023). "Why everyone was so wrong about the 2023 economy". Axios.
38. ^ Cox, Jeff (January 25, 2024). "The U.S. economy grew at blistering 3.3% pace in Q4 while inflation pulled back". CNBC.
39. ^ "Real Gross Domestic Product". Bureau of Economic Analysis. January 25, 2024.
40. ^ Irwin, Neil (January 31, 2024). "U.S. winning world economic war". Axios.
41. ^ Galston, William (March 25, 2024). "Inflation and the gap between economic performance and economic perceptions". Brookings Institution.
42. ^ "Real Earnings News Release". bls.gov. January 11, 2024. Retrieved March 16, 2024.
43. ^ "CPI All Inflation". fred.stlouisfed.org. Retrieved June 11, 2023.
44. ^ Gruver, Ed (January 12, 2024). "SBA reports new business applications reach record high numbers". Central Penn Business Journal.
45. ^ "The Budget and Economic Outlook: 2024–2034". cbo.gov. February 7, 2024. Retrieved March 11, 2024.
46. ^ "Biden signs bipartisan bill that suspends debt limit until 2025, cuts spending". pbs.org. June 3, 2023. Retrieved June 11, 2023.
47. ^ "Congress only passed 27 bills that were signed into law in 2023, the least since the Great Depression". spectrumnews1.com. June 3, 2023. Retrieved March 11, 2024.
48. ^ a b c d "S&P 500". fred.stlouisfed.org. June 3, 2019. Retrieved June 4, 2019.
49. ^ a b c d "Real Average Hourly Earnings of Production and Non-Supervisory Employees, Total Private". fred.stlouisfed.org. March 16, 2024. Retrieved March 16, 2024.
50. ^ a b Narea, Nicole (August 13, 2024). "Biden wants to free you from all those subscriptions you meant to cancel but didn't". Vox. Retrieved August 14, 2024.
51. ^ Fox, Michelle (March 1, 2024). "The U.S. national debt is rising by $1 trillion about every 100 days". CNBC.
52. ^ "Federal Debt Held by the PUlbic as Percent of Gross Domestic Product". fred.stlouisfed.org. Retrieved October 16, 2024.
53. ^ Vogell, Heather (August 23, 2024). "DOJ Files Antitrust Suit Against Maker of Rent-Setting Algorithm". ProPublica. Retrieved August 24, 2024.
54. ^ Vogell, Heather; Coryne, Haru; Little, Ryan (October 15, 2022). "Rent Going Up? One Company's Algorithm Could Be Why". ProPublica. Retrieved August 21, 2024.
55. ^ Sisco, Josh (March 20, 2024). "DOJ escalates price-fixing probe on housing market". Politico.
56. ^ Fowers, Alyssa; Long, Heather; Schaul, Kevin (March 10, 2021). "How big is the Biden stimulus bill? And who gets the most help?". Washington Post. ISSN 0190-8286. Retrieved March 11, 2021.
57. ^ Tankersley, Jim (March 6, 2021). "To Juice the Economy, Biden Bets on the Poor". The New York Times. ISSN 0362-4331. Retrieved March 11, 2021.
58. ^ "New Monthly Child Tax Credits Are Starting To Go Out. Here's What It Means For Your Family". npr.org. Retrieved July 20, 2021.
59. ^ Cochrane, Emily (March 6, 2021). "Divided Senate Passes Biden's Pandemic Aid Plan". The New York Times. ISSN 0362-4331. Retrieved March 11, 2021.
60. ^ "Pandemic Bill Would Cut Taxes by An Average of $3,000, With Most Relief Going to Low- And Middle-Income Households". taxpolicycenter.org. Retrieved April 25, 2021.
61. ^ "INVESTING IN AMERICA: At 60K Projects and Counting, USDOT Celebrates Biden-Harris Administration's Progress on Implementing the Bipartisan Infrastructure Law". DOT. September 18, 2024.
62. ^ "Senate Passes $280 Billion Industrial Policy Bill to Counter China". The New York Times. July 27, 2022. Retrieved July 30, 2022.
63. ^ "House passes bill to boost U.S. chip production and China competition, sending it to Biden". CNBC.com. July 30, 2022. Retrieved July 30, 2022.
64. ^ "House Passage of CHIPS and Science Act to Lower Costs, Create Good-Pay Jobs and Strengthen Our National Security". White House. July 28, 2022. Retrieved July 30, 2022.
65. ^ "The Inflation Reduction Act, explained". vox.com. August 11, 2022.
66. ^ "Estimated Budgetary Effects of H.R. 5376, the Inflation Reduction Act of 2022". cbo.gov. August 3, 2022.
67. ^ "The Inflation Reduction Act Primarily Impacts Top 1 Percent of Taxpayers". taxpolicycenter.org. August 11, 2022.
68. ^ "Remarks by President Joe Biden on the October Jobs Report". White House. Retrieved November 7, 2021.
69. ^ "Unemployment level". FRED, Federal Reserve Bank of St. Louis. U.S. Bureau of Labor Statistics. January 1, 1948. Retrieved June 20, 2020.
70. ^ "Real Gross Domestic Product". fred.stlouisfed.org. Retrieved December 28, 2021.
71. ^ "CPI All". fred.stlouisfed.org. December 27, 2021. Retrieved December 27, 2021.
72. ^ "Average Hourly Earnings of Production and Non-Supervisory Employees, Total Private". fred.stlouisfed.org. December 27, 2021. Retrieved December 27, 2021.
73. ^ "CBO Budget & Economic Outlook July 2021 Update". fred.stlouisfed.org. July 2021. Retrieved December 28, 2021.
74. ^ "Monthly Statement of the Public Debt". treasurydirect.gov. December 28, 2021. Archived from the original on February 13, 2020. Retrieved December 28, 2021.
75. ^ Krugman, Paul (November 28, 2023). "Bidenomics and the Guys in the Bar". The New York Times. Retrieved December 25, 2023.
76. ^ a b U.S. Bureau of Labor Statistics (February 2020). "Civilian Unemployment Rate". FRED, Federal Reserve Bank of St. Louis. Retrieved August 23, 2023.
77. ^ a b "Real Gross Domestic Product per capita". fred.stlouisfed.org. Retrieved August 23, 2023.
78. ^ a b FRED (August 23, 2023). "Real net worth per household, bottom 50% group". FRED, Federal Reserve Bank of St. Louis. Retrieved August 23, 2023.
79. ^ a b FRED (August 23, 2023). "Real net worth per household, 50th to 90th percentile group". FRED, Federal Reserve Bank of St. Louis. Retrieved August 23, 2023.
80. ^ a b "Federal debt held by public as percent of GDP". FRED. March 10, 2024. Retrieved March 10, 2024.
81. ^ a b "4-Week Avg U.S. Field Production of Crude Oil". eia.gov. November 2023. Retrieved November 23, 2023.
82. ^ "Fact Sheet: The American Jobs Plan". The White House. Retrieved April 20, 2021.
83. ^ "What's in President Biden's American Jobs Plan?". CRFB. Retrieved April 20, 2021.
84. ^ "Fact Sheet: The American Families Plan". The White House. Retrieved May 1, 2021.
85. ^ "Biden's $4 Trillion Economic Plan, in One Chart". The New York Times. Retrieved April 20, 2021.
86. ^ a b c "Everything in the House Democrats' Budget Bill". The New York Times. November 18, 2021.
87. ^ a b "President Biden's Full FY 2022 Budget". crfb.org.
88. ^ Elving, Ron (January 1, 2022). "Week in politics: Biden says there is no federal solution to the pandemic". NPR.
89. ^ "Fact Sheet: President Biden's New Executive Actions Deliver Economic Relief for American Families and Businesses Amid the COVID-19 Crises". White House. January 22, 2021. Retrieved January 23, 2021.
90. ^ "The Effects on Employment and Family Income of Increasing the Federal Minimum Wage". cbo.gov. July 8, 2019. Retrieved January 22, 2021.
91. ^ Nandita Bose; Jarrett Renshaw (April 27, 2021). "Biden raising minimum wage for federal contractors to $15/hr". Reuters.
92. ^ "Nearly 400,000 federal contractors will get paid $15 an hour starting this weekend. Biden's labor secretary says there's 'no question' it'll cut down on labor shortages". Business Insider. January 28, 2022.
93. ^ Davis, Bob (January 24, 2021). "Biden Team Promises New Look in Trade Policy". The Wall Street Journal. Retrieved January 26, 2021.
94. ^ Allen-Ebrahimian, Bethany (January 26, 2021). "Biden set his sights on China". Axios. Retrieved January 26, 2021.
95. ^ Swanson, Ana (January 26, 2021). "Biden's Commerce Pick Vows to Combat China and Climate Change". The New York Times. Retrieved January 26, 2021.
96. ^ Davis, Bob; Hayashi, Yuka (March 28, 2021). "New Trade Representative Says U.S. Isn't Ready to Lift China Tariffs". The Wall Street Journal. Retrieved March 29, 2021.
97. ^ Swanson, Ana; Rogers, Katie (October 30, 2021). "U.S. Agrees to Roll Back European Steel and Aluminum Tariffs". The New York Times - via NYTimes.com.
98. ^ Zumbrun, Josh (December 31, 2021). "Beijing Fell Short on Trade Deal Promises, Creating Dilemma for Biden". The Wall Street Journal.
99. ^ Hayashi, Yuka (December 28, 2023). "Biden Struggles to Push Trade Deals with Allies as Election Approaches". The Wall Street Journal.
100. ^ a b c Boak, Josh; Hussein, Fatima; Wiseman, Paul; Tang, Didi (May 14, 2024). "Biden hikes tariffs on Chinese EVs, solar cells, steel, aluminum — and snipes at Trump". AP News. Retrieved May 16, 2024.
101. ^ Egan, Matt (December 19, 2023). "The United States is producing more oil than any country in history". CNN.
102. ^ Narea, Nicole (March 13, 2024). "Biden isn't advertising America's record oil boom". Vox.
103. ^ a b c d "This is the future Joe Biden wants". Vox. August 17, 2020. Retrieved January 22, 2021.
104. ^ "Biden Wants To Help Pay Some Student Loans, But There's Pressure To Go Further". npr.org. November 17, 2020. Retrieved January 23, 2021.
105. ^ "Who Borrows for College – and Who Repays?". newyorkfed.org. October 9, 2019. Retrieved January 23, 2021.
106. ^ "Canceling Student Loan Debt Is Poor Economic Stimulus". crfb.org. November 2020. Retrieved January 23, 2021.
107. ^ "Experts weigh in on Biden's support of $10,000 in student debt forgiveness". cnbc.com. January 22, 2021. Retrieved January 24, 2021.
108. ^ Quintana, Chris (January 20, 2022). "Student loan forgiveness has arrived for 70,000 borrowers working public service jobs". USA Today.
109. ^ Turner, Cory; Carrillo, Sequoia (August 24, 2022). "Biden is canceling up to $10K in student loans, $20K for Pell Grant recipients". NPR.
110. ^ Douglas-Gabriel, Danielle; Stein, Jeff (August 24, 2022). "Who qualifies for Biden's plan to cancel $10,000 in student debt?". The Washington Post. Retrieved August 26, 2022.
111. ^ "The Biden Student Loan Forgiveness Plan: Budgetary Costs and Distributional Impact". Penn Wharton Budget Model. August 26, 2022. Retrieved December 23, 2024.
112. ^ Camp, Emma (December 14, 2024). "Biden's attempts to forgive student debt were a disaster". Reason.com. Retrieved December 23, 2024.
113. ^ "Six states urge U.S. Supreme Court to keep block on Biden student debt relief". CNBC. November 23, 2022. Retrieved May 15, 2024.
114. ^ "Student Loan Forgiveness: Supreme Court Rejects Biden's Debt Forgiveness Plan". The New York Times. June 30, 2023.
115. ^ Biden v. Nebraska, No. 22-506, 600 U.S. ___ (2023)
116. ^ Nova, Annie (April 8, 2024). "Biden announces new student loan forgiveness plan affecting tens of millions of Americans". CNBC. Retrieved May 15, 2024.
117. ^ Nova, Annie (April 17, 2024). "Biden administration releases formal proposal for new student loan forgiveness plan". CNBC. Retrieved May 15, 2024.
118. ^ Nova, Annie (April 23, 2024). "Here's why Biden administration believes new student loan forgiveness plan will survive legal challenges". CNBC. Retrieved May 15, 2024.
119. ^ Nova, Annie (March 11, 2021). "Student loan forgiveness is now tax-free. What that means for borrowers if Biden cancels the debt". CNBC. Retrieved May 15, 2024.
120. ^ Nova, Annie (March 18, 2024). "Biden wants to make student loan forgiveness tax-free permanently". CNBC. Retrieved May 15, 2024.
121. ^ Nova, Annie (June 23, 2022). "Education Department agrees to cancel $6 billion in debt for some 200,000 student loan borrowers". CNBC. Retrieved June 23, 2022.
122. ^ "Sweet v. Cardona". Project on Predatory Student Lending. Harvard Law School. Retrieved June 23, 2022.
123. ^ Nova, Annie (August 16, 2022). "Biden administration cancels $3.9 billion in student debt for 208,000 borrowers defrauded by ITT Tech". CNBC. Retrieved December 6, 2022.
124. ^ Smith, Morgan (August 16, 2022). "Education Department cancels $3.9 billion in student debt for more than 200,000 borrowers—here's who qualifies". CNBC. Retrieved December 6, 2022.
125. ^ Nova, Annie (October 31, 2022). "Education Department overhauls federal student loan system, aiming to make it 'simpler, fairer and more accountable'". CNBC. Retrieved December 6, 2022.
126. ^ "Education Department Releases Final Regulations to Expand and Improve Targeted Debt Relief Programs" (Press release). U.S. Department of Education. October 31, 2022. Retrieved December 6, 2022.
127. ^ Nova, Annie (December 8, 2022). "360,000 student loan borrowers received $24 billion in forgiveness from fix to Public Service Loan Forgiveness". CNBC. Retrieved December 8, 2022.
128. ^ Nova, Annie (July 14, 2023). "Biden is forgiving $39 billion in student debt for 804,000 borrowers — here's who qualifies". CNBC. Retrieved May 15, 2024.
129. ^ Nova, Annie (August 30, 2023). "Biden administration cancels $72 million in student debt for more than 2,300 borrowers". CNBC. Retrieved May 15, 2024.
130. ^ Nova, Annie (September 20, 2023). "Biden administration forgives $37 million in student debt for defrauded borrowers". CNBC. Retrieved May 15, 2024.
131. ^ Nova, Annie (October 30, 2023). "Education Department penalizes Missouri lender for error that made 800,000 student loan borrowers delinquent". CNBC. Retrieved May 15, 2024.
132. ^ Nova, Annie (October 4, 2023). "Biden cancels $9 billion in student debt for 125,000 borrowers". CNBC. Retrieved May 15, 2024.
133. ^ Nova, Annie (December 6, 2023). "Biden administration to forgive $4.8 billion in student loan debt for 80,300 borrowers". CNBC. Retrieved May 15, 2024.
134. ^ Nova, Annie (January 19, 2024). "Biden administration to forgive $4.9 billion in student debt for 73,600 borrowers". CNBC. Retrieved January 19, 2024.
135. ^ Nova, Annie (February 21, 2024). "Biden administration to forgive $1.2 billion in student debt for over 150,000 borrowers". CNBC. Retrieved May 15, 2024.
136. ^ Nova, Annie (March 21, 2024). "Biden administration to forgive $5.8 billion in student debt for nearly 78,000 borrowers". CNBC. Retrieved May 15, 2024.
137. ^ Nova, Annie (April 12, 2024). "Biden administration to forgive $7.4 billion in student debt for another 277,000 borrowers". CNBC. Retrieved May 15, 2024.
138. ^ Nova, Annie (May 1, 2024). "Biden administration forgives $6.1 billion in student debt for 317,000 former Art Institute students". CNBC. Retrieved May 15, 2024.
139. ^ Nova, Annie (May 2, 2024). "The Education Department will transfer some student loan borrowers to a different servicer. Here's what you need to know". CNBC. Retrieved May 15, 2024.
140. ^ Nova, Annie (May 15, 2024). "Biden administration extends key deadline for student loan forgiveness". CNBC. Retrieved May 15, 2024.
141. ^ Nova, Annie (April 25, 2024). "A key deadline for student loan forgiveness consolidation is just days away. Here's what to know". CNBC. Retrieved May 15, 2024.
142. ^ "Biden Wants To Lower Medicare Eligibility Age To 60, But Hospitals Push Back". npr.org. November 11, 2020. Retrieved January 23, 2021.
143. ^ Nagarajan, Shalini. "Biden freezes all federal regulatory proposals, including Mnuchin's controversial crypto wallet legislation, until his new administration can review them". Business Insider. Retrieved January 24, 2021.
144. ^ Novak, Matt (November 24, 2021). "U.S. Senators Demand Answers From People Behind Crypto Stablecoin Tether". Gizmodo. G/O Media. Retrieved July 13, 2022.
145. ^ Browne, Ryan (March 9, 2022). "Biden just put out an executive order on cryptocurrencies — here's everything that's in it". CNBC. Retrieved July 10, 2022.
146. ^ Macheel, Tanaya; Kharpal, Arjun (March 9, 2022). "Bitcoin up 8% after Biden announces executive order on cryptocurrencies". CNBC. Retrieved July 10, 2022.
147. ^ Abbruzzese, Jason; Collier, Kevin (March 9, 2022). "Biden takes big step toward government-backed digital currency". NBC News. Retrieved July 22, 2022.
148. ^ FACT SHEET: President Biden to Sign Executive Order on Ensuring Responsible Development of Digital Assets (Report). White House Office. March 9, 2022. Retrieved July 22, 2022.
149. ^ Rozen, Courtney (June 6, 2022). "Crypto Holders Banned from Writing Rules on US Digital Assets". Bloomberg Law. Retrieved July 12, 2022.
150. ^ Brown, Eliot; Wang, Yifan (July 6, 2022). "Crypto Broker Voyager Digital Files for Bankruptcy Protection". The Wall Street Journal. News Corp. Retrieved July 10, 2022.
151. ^ Benoit, David (July 8, 2022). "Crypto Broker Voyager's Marketing on Safety of Customer Accounts Draws FDIC Scrutiny". The Wall Street Journal. News Corp. Retrieved July 10, 2022.
152. ^ Goodman, Jasper; Mueller, Eleanor (May 17, 2024). "'I wanted to send a message': Democrats break with Warren, Biden on crypto". Archived from the original on May 18, 2024. Retrieved May 18, 2024.
153. ^ Bain, Benjamin (January 3, 2022). "Event-Betting Platform Polymarket to Pay $1.4 Million U.S. Fine". Bloomberg News. Retrieved July 13, 2022.
154. ^ Kiernan, Paul (February 9, 2022). "CFTC Chair Asks Congress for Authority to Regulate Some Cryptocurrencies". The Wall Street Journal. News Corp. Retrieved July 13, 2022.
155. ^ "Senate Hearing on Regulating Cryptocurrency Markets". C-SPAN. February 9, 2022. Retrieved July 22, 2022.
156. ^ Brandom, Russell (June 2, 2022). "Regulators sue Winklevoss crypto firm over futures contracts". The Verge. Vox Media. Retrieved July 12, 2022.
157. ^ Franck, Thomas (June 7, 2022). "Bipartisan crypto regulatory overhaul would treat most digital assets as commodities under CFTC oversight". CNBC. Retrieved July 10, 2022.
158. ^ Versprille, Allyson (June 8, 2022). "CFTC Chairman Signals Support for Lummis-Gillibrand Crypto Plan". Bloomberg Law. Retrieved July 13, 2022.
159. ^ Kiernan, Paul (June 14, 2022). "Crypto Legislation Could Undermine Market Regulations, Gensler Says". The Wall Street Journal. News Corp. Retrieved July 12, 2022.
160. ^ Smialek, Jeanna (March 22, 2021). "Jerome Powell says the Fed won't issue a digital currency without congressional approval". The New York Times. Retrieved July 22, 2022.
161. ^ Marte, Jonnelle (April 28, 2021). "Fed's Powell: China's approach to digital currency would not work here". Yahoo! News. Yahoo, Inc. Retrieved July 22, 2022.
162. ^ Kenyon, Henry (November 16, 2021). "Privacy issues seen reducing appeal of central bank digital currencies". Roll Call. FiscalNote. Retrieved July 22, 2022.
163. ^ Federal Reserve Chair Jerome H. Powell outlines the Federal Reserve's response to technological advances driving rapid change in the global payments landscape (Report). Federal Reserve. May 20, 2021. Retrieved July 22, 2022.
164. ^ Marte, Jonnelle (July 14, 2021). "Powell says a Fed digital currency could undercut need for cryptocurrencies". Reuters. Thomson Reuters. Retrieved July 20, 2022.
165. ^ Sigalos, MacKenzie (July 16, 2021). "Why the Fed hates cryptocurrencies and especially stablecoins". CNBC. Retrieved July 20, 2022.
166. ^ Monetary Policy and the State of the Economy (PDF) (Report). U.S. House Committee on Financial Services / U.S. Government Printing Office. July 14, 2021. pp. 9–10, 17–18, 43–44\. Serial No. 117-37. Retrieved July 20, 2022.
167. ^ "Monetary Policy and the Economy". C-SPAN. July 14, 2021. Retrieved July 20, 2022.
168. ^ [164][165][166][167]
169. ^ Cox, Jeff (September 22, 2021). "The Fed is evaluating whether to launch a digital currency and in what form, Powell says". CNBC. Retrieved July 22, 2022.
170. ^ Sigalos, MacKenzie (October 14, 2021). "Second-largest U.S. mortgage lender ditches its plan to accept payments in bitcoin". CNBC. Retrieved July 19, 2022.
171. ^ Kupiec, Paul (February 24, 2022). "How politics are affecting the design of a Fed digital dollar". The Hill. Nexstar Media Group. Retrieved July 22, 2022.
172. ^ "H.R.6415 – 117th United States Congress (2021–2022): To amend the Federal Reserve Act to prohibit the Federal reserve banks from offering certain products or services directly to an individual, and for other purposes". Congress.gov. United States Congress. Retrieved July 22, 2022.
173. ^ Cox, Jeff (January 20, 2022). "Fed releases long-awaited study on a digital dollar but doesn't take a position yet on creating one". CNBC. Retrieved July 20, 2022.
174. ^ Ackerman, Andrew (January 20, 2022). "Fed Launches Review of Possible Central Bank Digital Currency". The Wall Street Journal. News Corp. Retrieved July 22, 2022.
175. ^ Marte, Jonnelle (January 20, 2022). "Fed kicks off debate on issuing its own digital currency with new white paper". Reuters. Thomson Reuters. Retrieved July 20, 2022.
176. ^ Money and Payments: The U.S. Dollar in the Age of Digital Transformation (PDF) (Report). Federal Reserve Board of Governors. January 20, 2022. Retrieved July 20, 2022.
177. ^ Gura, David (February 6, 2022). "The U.S. is considering a radical rethinking of the dollar for today's digital world". NPR. Retrieved July 21, 2022.
178. ^ [173][174][175][176][177]
179. ^ Brainard, Lael (February 18, 2022). Preparing for the Financial System of the Future (Speech). University of Chicago Booth School of Business. Retrieved July 22, 2022.
180. ^ "Fed's Brainard sees case for U.S. central bank digital currency". Reuters. Thomason Reuters. February 18, 2022. Retrieved July 22, 2022.
181. ^ Light, Joe (May 20, 2022). "The Fed Is Pondering Its Own Crypto. Politics Are Standing in the Way". Barron's. News Corp. Retrieved July 22, 2022.
182. ^ Committee Republicans to Fed Chair Powell: Do the Potential Benefits of a CBDC Outweigh the Risks? (Report). House Financial Service Committee. May 19, 2022. Retrieved July 22, 2022.
183. ^ Ackerman, Andrew (May 26, 2022). "Digital Dollar Could Coexist With Stablecoins, Fed Vice Chairwoman Says". The Wall Street Journal. News Corp. Retrieved July 22, 2022.
184. ^ Digital Assets and the Future of Finance: Examining the Benefits and Risks of a U.S. Central Bank Digital Currency (Report). Federal Reserve. May 26, 2022. Retrieved July 22, 2022.
185. ^ "WATCH: U.S. backed digital currency could live alongside certain cryptocurrencies". PBS NewsHour. WETA-TV. May 26, 2022. Retrieved July 22, 2022.
186. ^ Welcoming Remarks (Report). Federal Reserve. June 17, 2022. Retrieved July 22, 2022.
187. ^ "Fed's Powell: a U.S. digital dollar could help maintain international primacy". Reuters. Thomson Reuters. June 17, 2022. Retrieved July 22, 2022.
188. ^ Kupiec, Paul (July 8, 2022). "We can do more than we think without a Fed digital dollar". The Hill. Nexstar Media Group. Retrieved July 22, 2022.
189. ^ Himes Proposes Central Bank Digital Currency (Report). United States House of Representatives. June 22, 2022. Retrieved July 22, 2022.
190. ^ Winning the Future of Money: A Proposal for a U.S. Central Bank Digital Currency (PDF) (Report). United States House of Representatives. June 22, 2022. Retrieved July 22, 2022.
191. ^ Macheel, Tanaya (July 8, 2022). "Fed's Brainard says crypto needs regulation now before it becomes so big that it threatens financial system". CNBC. Retrieved July 10, 2022.
192. ^ Cox, Jeff (April 18, 2023). "Fed Governor Bowman casts doubt on the need for a U.S. digital dollar". CNBC. Retrieved April 18, 2023.
193. ^ Bowman, Michelle (April 18, 2023). Considerations for a Central Bank Digital Currency (Speech). Georgetown University McDonough School of Business. Retrieved April 18, 2023.
194. ^ Breuninger, Kevin; Mangan, Dan (March 5, 2021). "Antivirus software creator John McAfee indicted on cryptocurrency fraud charges". CNBC. Retrieved July 21, 2022.
195. ^ "SEC sues John McAfee over promoting cryptocurrency offerings on Twitter". CNBC. October 5, 2020. Retrieved July 21, 2022.
196. ^ "U.S. indicts anti-virus software creator John McAfee for tax evasion". CNBC. October 6, 2020. Retrieved July 21, 2022.
197. ^ a b "Binance under investigation by Justice Department, IRS – Bloomberg News". Reuters. Thomson Reuters. May 13, 2021. Retrieved July 11, 2022.
198. ^ Benner, Katie (February 8, 2022). "Justice Dept. Seizes $3.6 Billion in Bitcoin and Arrests Married Couple". The New York Times. Retrieved July 13, 2022.
199. ^ Barrett, Devlin (February 8, 2022). "Feds arrest married couple, seize $3.6 billion in hacked bitcoin funds". The Washington Post. Retrieved July 13, 2022.
200. ^ Legare, Robert (February 15, 2022). "Couple accused in $4.5-billion bitcoin scheme to be separated before trial". CBS News. Retrieved July 13, 2022.
201. ^ Van Voris, Bob; Dolmetsch, Chris (February 8, 2022). "Bail for Crypto Couple in $4.5 Billion Hack Is Halted by Judge". Bloomberg News. Retrieved July 13, 2022.
202. ^ Vanderford, Richard (February 24, 2022). "BitMEX Founders Plead Guilty to Anti-Money-Laundering Violations". The Wall Street Journal. News Corp. Retrieved July 21, 2022.
203. ^ Michaels, Dave (August 10, 2021). "BitMEX to Pay $100 Million to Resolve Regulator's Lawsuit Over Crypto Derivatives Trading". The Wall Street Journal. News Corp. Retrieved July 21, 2022.
204. ^ Failla, Zak (March 8, 2022). "Stanfordville Man Among Four Charged In $40M Scam". The Daily Voice. Retrieved July 13, 2022.
205. ^ "President Of Sham United Nations Affiliate Convicted Of Cryptocurrency Scheme". U.S. Justice Department. March 18, 2022. Retrieved July 13, 2022.
206. ^ Pearson, Jordan (March 24, 2022). "Pair Charged for Orchestrating $1.1M NFT Rug Pull Scam, Plotting Another". Vice. Vice Media. Retrieved July 13, 2022.
207. ^ "Former AAF, NFL investor pleads guilty to $600 million crypto scheme". New York Post. News Corp. April 25, 2022. Retrieved July 12, 2022.
208. ^ Newmyer, Tory. "Treasury sanctions crypto service that helped North Koreans launder funds". The Washington Post. Retrieved July 12, 2022.
209. ^ Bankman-Fried, Sam (April 25, 2022). "Sam Bankman-Fried and Matt Levine on How to Make Money in Crypto". Bloomberg News (Interview). Interviewed by Levine, Matt; Wiesenthal, Joe; Alloway, Tracy. Retrieved July 12, 2022.
210. ^ Powell, Jamie (April 25, 2022). "FTX/ Defi: If it looks like a duck and quacks like a duck…". Financial Times. Nikkei, Inc. Retrieved July 12, 2022.
211. ^ Stempel, Jonathan (May 12, 2022). "U.S. charges New York man with fraudulently promising fast crypto riches". Reuters. Thomson Reuters. Retrieved July 12, 2022.
212. ^ Brandom, Russell (June 1, 2022). "Disgraced OpenSea manager arrested for insider trading". The Verge. Vox Media. Retrieved July 11, 2022.
213. ^ Wang, Andrew (September 15, 2021). "OpenSea product chief accused of flipping NFTs using insider information". The Verge. Vox Media. Retrieved July 11, 2022.
214. ^ Clark, Mitchell (September 16, 2021). "OpenSea's product chief is out after insider NFT flipping accusations". The Verge. Vox Media. Retrieved May 26, 2022.
215. ^ Morrison, Sara (June 3, 2022). "Business is booming for crypto scammers". Vox. Vox Media. Retrieved July 12, 2022.
216. ^ Berwick, Angus; Wilson, Tom (June 6, 2022). "How crypto giant Binance became a hub for hackers, fraudsters and drug traffickers". Reuters. Thomson Reuters. Retrieved July 12, 2022.
217. ^ Mack, Eric (July 1, 2022). "Coinbase Says It Doesn't Sell Customer Data After ICE 'Geo Tracking' Contract Surfaces". CNET. Red Ventures. Retrieved July 12, 2022.
218. ^ Clark, Mitchell (July 1, 2022). "The government's going after alleged crypto scammers as market crashes". The Verge. Vox Media. Retrieved July 21, 2022.
219. ^ Sigalos, MacKenzie (June 30, 2022). "FBI adds 'Cryptoqueen' to Ten Most Wanted Fugitives List after alleged $4 billion OneCoin fraud". CNBC. Retrieved July 11, 2022.
220. ^ Capoot, Ashley (July 19, 2022). "FBI says fake crypto apps defrauded investors of more than $42 million". CNBC. Retrieved July 19, 2022.
221. ^ Ramey, Corinne; Fanelli, James (July 21, 2022). "Former Coinbase Employee Charged in Alleged Insider-Trading Scheme". The Wall Street Journal. News Corp. Retrieved July 21, 2022.
222. ^ Capoot, Ashley (July 21, 2022). "Former Coinbase manager and two others charged in crypto insider trading scheme". CNBC. Retrieved July 21, 2022.
223. ^ Kiernan, Paul (July 21, 2022). "Crypto Trading Platform Coinbase Blasts SEC Enforcement Efforts". The Wall Street Journal. News Corp. Retrieved July 22, 2022.
224. ^ Browne, Ryan (July 22, 2022). "Coinbase blasts SEC over insider trading case, says none of the tokens it lists are securities". CNBC. Retrieved July 22, 2022.
225. ^ Lee, Timothy B. (January 20, 2021). "Treasury nominee Yellen is looking to curtail use of cryptocurrency". Ars Technica. Retrieved January 24, 2021.
226. ^ Sigalos, MacKenzie (August 4, 2021). "The IRS has seized $1.2 billion worth of cryptocurrency this fiscal year – here's what happens to it". CNBC. Retrieved July 19, 2022.
227. ^ Sigalos, MacKenzie; Wilkie, Christina (August 6, 2021). "White House backs senators pushing for stricter crypto reporting rules". CNBC. Retrieved July 19, 2022.
228. ^ Locke, Taylor (August 3, 2021). "'This will probably be the first step': What crypto investors should know about the Senate infrastructure bill proposal". CNBC. Retrieved July 19, 2022.
229. ^ Stein, Jeff (August 3, 2021). "GOP senators feud over cryptocurrency plan as lawmakers seek funding for infrastructure deal". The Washington Post. Retrieved July 19, 2022.
230. ^ Franck, Thomas (August 9, 2021). "Crypto compromise amendment blocked in Senate infrastructure vote". CNBC. Retrieved July 19, 2022.
231. ^ Kelly, Makena (August 9, 2021). "Senate cryptocurrency tax reporting deal fails". The Verge. Vox Media. Retrieved July 19, 2022.
232. ^ "Senate – August 9, 2021" (PDF). Congressional Record. 167 (144). U.S. Government Printing Office: S6083 – S6085. Retrieved July 19, 2022.
233. ^ "Senate Session". C-SPAN. August 9, 2021. Retrieved July 19, 2022.
234. ^ [230][231][232][233]
235. ^ Pramuk, Jacob (November 15, 2021). "Biden signs $1 trillion bipartisan infrastructure bill into law, unlocking funds for transportation, broadband, utilities". CNBC. Retrieved July 19, 2022.
236. ^ Kelly, Makena (August 10, 2021). "Senate approves $1 trillion infrastructure package as crypto worries loom". The Verge. Vox Media. Retrieved July 19, 2022.
237. ^ Kelly, Makena (November 8, 2021). "Controversial Bitcoin tax provision passes Congress with infrastructure bill". The Verge. Vox Media. Retrieved July 19, 2022.
238. ^ Bernard, Tara Siegel (March 10, 2022). "The Labor Department wants to investigate crypto in retirement plans". The New York Times. Retrieved July 12, 2022.
239. ^ Sigalos, MacKenzie (April 20, 2022). "U.S. Treasury sanctions Russian bitcoin miners as war enters its third month". CNBC. Retrieved July 19, 2022.
240. ^ Clark, Mitchell (May 6, 2022). "US punishes Blender.io for helping North Korea launder millions in stolen Axie crypto". The Verge. Vox Media. Retrieved May 26, 2022.
241. ^ Wagner, Erich (January 22, 2021). "Biden to Sign Executive Order Killing Schedule F, Restoring Collective Bargaining Rights". Government Executive. Retrieved January 22, 2021.
242. ^ Ogrysko, Nicole (January 22, 2021). "Biden to repeal Schedule F, overturn Trump workforce policies with new executive order". Federal News Network. Retrieved January 22, 2021.
243. ^ Sean Sullivan, "Biden took a chance in promoting the Amazon union push. What does its failure mean for him?" Washington Post April 10, 2021.
244. ^ Gordon, Aaron (December 2, 2022). "More than 500 Labor Historians Condemn Biden's Intervention in Freight Rail Dispute". Vice. Retrieved November 21, 2023.
245. ^ Wilkins, Brett. "Biden pushed to seal the deal on paid sick leave for rail workers". Salon on MSN.com. Retrieved November 21, 2023.
246. ^ "NLRB Board Continues Pro Union Agenda". www.natlawreview.com. Retrieved November 21, 2023.
247. ^ Kaori Gurley, Lauren. "The lawyer who could deliver on Biden's wish to be the most pro-union president". Washington Post.
248. ^ Meyerson, Harold (August 28, 2023). "Biden's NLRB Brings Workers' Rights Back From the Dead". The American Prospect. Retrieved November 21, 2023.
249. ^ Isidore, Chris (September 30, 2023). "America is on strike. Here's the progress unions have made | CNN Business". CNN. Retrieved November 21, 2023.
250. ^ "WATCH: Biden makes historic visit to UAW picket line, tells union to 'stick with it'". PBS NewsHour. September 26, 2023. Retrieved November 21, 2023.
251. ^ Isidore, Chris; Yurkevich, Vanessa (September 26, 2023). "Joe Biden is the first sitting president to join a picket line". CNN. Retrieved November 21, 2023.
252. ^ "What Janet Yellen is saying about raising taxes on wealthy Americans – and other key issues – as Biden's Treasury Secretary-designate". fortune.com. January 21, 2021. Retrieved January 22, 2021.
253. ^ Garrett Watson and William McBride, "Evaluating Proposals to Increase the Corporate Tax Rate and Levy a Minimum Tax on Corporate Book Income," Fiscal Fact (Tax Foundation, No. 751 Feb. 2021)
254. ^ Paul Hannon and Kate Davidson, "U.S. Wins International Backing for Global Minimum Tax." Wall Street Journal July 1, 2021
255. ^ "Additional information about the updated budget and economic outlook: 2021 to 2031". cbo.gov. November 14, 2021. Retrieved November 14, 2021.
256. ^ "Monthly Budget Review: Summary for Fiscal Year 2021". cbo.gov. November 8, 2021. Retrieved November 14, 2021.
257. ^ a b "Three Scenarios for the Budget as Specified by Senator Graham". cbo.gov. May 21, 2020. Retrieved May 31, 2021.
258. ^ a b "President's Budget". White House. May 28, 2021. Retrieved May 31, 2021.
259. ^ a b "The Budget and Economic Outlook: 2021 to 2013". cbo.gov. February 11, 2021. Retrieved March 28, 2021.
260. ^ People rarely call themselves "neoliberal" says Oliver Marc Hartwich, "Neoliberalism: The genesis of a political swearword." (CIS Occasional Paper 114. 2009) online.
261. ^ Monica Prasad, "The popular origins of neoliberalism in the Reagan tax cut of 1981." Journal of Policy History 24.3 (2012): 351–383.
262. ^ a b c d e f Ip, Greg (April 7, 2021). "How Bidenomics Seeks to Remake the Economic Consensus". Wall Street Journal.
263. ^ Wesley Widmaier, "The power of economic ideas–through, over and in–political time: the construction, conversion and crisis of the neoliberal order in the US and UK." Journal of European Public Policy 23.3 (2016): 338–356.
264. ^ Thomas I. Palley, "From Keynesianism to Neoliberalism: Shifting Paradigms in Economics" in Alfredo Saad-Filho, and Deborah Johnston, eds., Neoliberalism – A Critical Reader (Pluto Press, 2004) pp 20–29.
265. ^ Margaret Weir, "Ideas and Politics: The Acceptance of Keynesianism in Britain and the United States." in The Political Power of Economic Ideas (Princeton UP, 2020) pp. 53–86.
266. ^ Daniel Stedman Jones, Masters of the Universe: Hayek, Friedman and the Birth of Neoliberal Politics (2012) pp. x, 146; excerpt.
267. ^ Xenos, Nicholas (1987). "Liberalism and the Postulate of Scarcity". Political Theory. 15 (2): 225–243\. doi:10.1177/0090591787015002004. JSTOR 191676. S2CID 144596059.
268. ^ Mason, J.W (2020). "Macroeconomic lessons from the past decade". Aggregate Demand and Employment. Edward Elgar Publishing. pp. 11–33\. doi:10.4337/9781786432056.00009. ISBN 9781786432056. S2CID 216194019.
269. ^ Rainey, Michael (April 8, 2021). "A Quick Guide to 'Bidenomics'". The Fiscal Times. Retrieved November 13, 2022.
270. ^ Shalal, Andrea (April 6, 2021). "Top White House economist defends 'care economy'". Reuters.
271. ^ Oxford Analytica. "Biden's top picks to shape 'big tech' antitrust agenda." Emerald Expert Briefings oxan-db (2021) doi:10.1108/OXAN-DB258983
272. ^ Thomas Gift, "Joe Biden's approach to China will not differ greatly from Donald Trump's." USApp–American Politics and Policy (2020) online.
273. ^ Paul Hannon and Richard Rubin, "Tax Talks Gain Momentum as U.S. Offers New Proposal Toward Global Deal: Proposal focuses on how to tax corporate income whose location is difficult to pin down," Wall Street Journal April 8, 2021
274. ^ Claire Cain Miller; Francesca Paris (November 20, 2023). "The Great Disconnect: Why Voters Feel One Way About the Economy but Act Differently". The New York Times.

## External links

[edit]

* Media related to Economic policy of the Biden administration at Wikimedia Commons

* v
* t
* e

Joe Biden

* 46th President of the United States (2021–2025)
* 47th Vice President of the United States (2009–2017)
* U.S. Senator from Delaware (1973–2009)

Senator|

* Early life and career
* Classified Information Procedures Act
* Counterterrorism Act
* Violence Against Women Act
* Violent Crime Control and Law Enforcement Act

Vice presidency|

* Obama transition
* Task forces
* Gun Violence Prevention
* Protect Students from Sexual Assault
* First Trump transition

Presidency|

| Appointments|

* Cabinet
* Harris vice presidency
* Agriculture
* Commerce
* Defense
* Education
* Energy
* Executive Office appointments
* HHS
* Homeland Security
* HUD
* Interior
* Justice
* U.S. attorneys
* Labor
* State
* ambassadors
* Transportation
* Treasury
* Veterans Affairs
* Judicial appointments
* Jackson
* Supreme Court candidates

|

Legislation|

| 2021|

* American Rescue Plan Act
* Capitol Police Emergency Assistance Act
* Consolidated Appropriations Act
* Infrastructure Investment and Jobs Act
* National Defense Authorization Act
* RENACER Act
* Uyghur Forced Labor Prevention Act

|

2022|

* Bipartisan Safer Communities Act
* CHIPS and Science Act

Consolidated Appropriations Act
* Electoral Count Reform and Presidential Transition Improvement Act
* Merger Filing Fee Modernization Act
* No TikTok on Government Devices Act
* Pregnant Workers Fairness Act
* State Antitrust Enforcement Venue Act
* Emmett Till Antilynching Act
* Inflation Reduction Act
* Medical Marijuana and Cannabidiol Research Expansion Act
* PACT Act
* National Defense Authorization Act
* Postal Service Reform Act
* Respect for Marriage Act
* Speak Out Act
* Ukraine Democracy Defense Lend-Lease Act

2023|

* COVID-19 Origin Act
* Fiscal Responsibility Act
* National Defense Authorization Act
* DCA agreement between Finland and the US

2024|

* ADVANCE Act
* Consolidated Appropriations Act
* National Defense Authorization Act
* National Security Act
* Protecting Americans from Foreign Adversary Controlled Applications Act

2025|

* Social Security Fairness Act

Policies|

* Cannabis
* COVID-19
* COVID-19 Advisory Board
* White House COVID-19 Response Team
* Economic
* Biden v. Nebraska
* Build Back Better Act
* Build Back Better Plan
* Elementary and Secondary School Emergency Relief Fund
* Electoral and ethical
* Presidential Commission on the Supreme Court
* Summit for Democracy
* Environmental
* 2021 Leaders Summit on Climate
* Executive Order 13990
* Foreign
* 2021 Russia–United States summit
* 2023 Chinese balloon incident
* AUKUS
* Camp David Principles
* Afghanistan withdrawal
* killing of Ayman al-Zawahiri
* War in Ukraine
* 2022 visit by Volodymyr Zelenskyy
* 2023 visit to Ukraine
* Gaza war
* Ankara prisoner exchange
* Relations with Iran
* Immigration
* A Proclamation on Securing the Border
* Social
* 2021 National Day of Unity
* Space

Timeline|

* Transition
* Inauguration
* security
* Celebrating America
* protests
* First 100 days
* 2021
* Q1
* Q2
* Q3
* Q4
* 2022
* Q1
* Q2
* Q3
* Q4
* 2023
* Q1
* Q2
* Q3
* Q4
* 2024
* Q1
* Q2
* Q3
* Q4
* January 2025
* Second Trump transition

* Classified documents incident
* White House cocaine incident
* Efforts to impeach
* House Oversight Committee investigation
* inquiry
* Executive actions
* proclamations
* Opinion polling
* 2021
* 2022
* 2023
* 2024–2025
* Presidential trips
* international
* 2021
* 2022
* 2023
* 2024–2025
* Death and state funeral of Jimmy Carter

Elections|

| U.S. Senate|

* 1972
* 1978
* 1984
* 1990
* 1996
* 2002
* 2008

|

Vice presidential|

* 2008 campaign
* selection
* convention
* debate
* election
* transition
* 2012 campaign
* convention
* debate
* election

Presidential|

* 1988 campaign
* primaries
* 2008 campaign
* primaries
* debates
* 2020 campaign
* endorsements
* celebrity
* organizations
* Congress
* state and territorial officials
* municipal officials
* primaries
* endorsements
* debates
* Unity Task Forces
* running mate selection
* convention
* debates
* election
* protests
* 2024 campaign
* withdrawal
* Democratic opposition
* primaries
* endorsements
* protest vote movements
* debate

Family|

* Edward Francis Blewitt (great-grandfather)
* Neilia Hunter Biden (first wife)
* Jill Biden (second wife)
* James Biden (brother)
* Valerie Biden Owens (sister)
* Beau Biden (son)
* Hunter Biden (son)
* Ashley Biden (daughter)
* Howard Krein (son-in-law)
* Hallie Olivere Biden (daughter-in-law)
* Kathleen Buhle (former daughter-in-law)
* Melissa Cohen Biden (daughter-in-law)
* Dogs
* Champ
* Major
* Commander
* Cat
* Willow

Writings|

* Promises to Keep
* Promise Me, Dad
* Tomorrow Will Be Different (foreword)

Speeches|

* Inaugural address (2021)
* Joint session of Congress (2021)
* State of the Union Address
* 2022
* 2023
* 2024
* Warsaw speech (2022)
* Battle for the Soul of the Nation speech (2022)
* Farewell address (2025)

Media
depictions|

* Confirmation
* The Choice 2020
* "Intro to Political Science"
* My Son Hunter
* "One Last Ride"
* The Onion's "Diamond Joe"
* Our Cartoon President
* Saturday Night Live parodies
* Spitting Image

Related|

* Age and health concerns
* Awards
* Beau Biden Cancer Moonshot
* Biden Foundation
* Biden Presidential Library
* Biden–Ukraine conspiracy theory
* Buy a shotgun
* Eponyms
* Hunter Biden laptop controversy
* I Did That!
* Let's Go Brandon
* Public image
* Sexual assault allegation
* Situation Room
* Sleepy Joe
* 2019 Trump–Ukraine scandal

* ← Donald Trump →

* ← Dick Cheney
* Mike Pence →

* Category

* v
* t
* e

Public policy of the United States

* Agricultural
* Arctic
* Cultural
* Drug
* Fireworks
* Fiscal
* Taxation
* Telecommunications
* Trade
* Transportation
* Vaccination
* Visa

| Domestic|

* Square Deal
* New Freedom
* New Deal
* Fair Deal
* New Frontier
* Great Society/War on Poverty

| By Presidency|

* Reagan
* G. W. Bush
* Obama
* Trump (1st)
* Biden
* Trump (2nd)

|

Economic|

* Monetary
* history

| By Presidency|

* Nixon
* Reagan
* Clinton
* G. W. Bush
* Obama
* Trump (1st)
* Biden
* Trump (2nd)

|

Education|

* Trump (2nd)

Energy|

* Hydropower
* Nuclear energy
* Low-level radioactive waste
* Smart grid

| By Presidency|

* Obama
* Trump (1st)
* Biden

|

Environmental|

* Solid waste
* Climate change
* G. W. Bush

| By Presidency|

* Obama
* Trump (1st)
* Biden

|

Foreign|

* History
* Criticism
* Middle East
* Obama

| By Presidency|

* T. Roosevelt
* Wilson
* Hoover
* F. D. Roosevelt
* Truman
* Eisenhower
* Kennedy
* L. B. Johnson
* Nixon
* Ford
* Carter
* Reagan
* G. H. W. Bush
* Clinton
* G. W. Bush
* Obama
* Trump (1st)
* Biden
* Trump (2nd)

|

Gun control|

* Clinton

Immigration|

* Same-sex immigration

| By Presidency|

* Trump (1st)
* Biden
* Trump (2nd)

|

Infrastructure|

* Trump (1st)
* Biden

Native American|

* Grant
* Nixon
* Obama
* Biden

Science|

* Genetic
* Stem cell

| By Presidency|

* Trump (2nd)

|

Social|

* Obama
* Trump (1st)
* Biden

Space|

* Obama
* Trump (1st)
* Biden

Portal:

* United States

*[v]: View this template
*[t]: Discuss this template
*[e]: Edit this template